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McKeesport Credit Union Members OK Merger
Combination with Clearview expected to take effect July 1
By Jason Togyer
The Tube City Almanac
January 08, 2024
Posted in: McKeesport and Region News
Members of a city-based credit union have approved its merger with a larger thrift in Moon Twp.
At a meeting Thursday at McKeesport Regional History & Heritage Center, shareholders of Parkview Community Federal Credit Union OK’d a merger with Clearview Federal Credit Union by a vote of 336 to 74, according to accountants from McKeever, Varga & Senko, who oversaw the ballotting.
The merger is expected to take effect July 1. The agreement has already been approved by federal regulators.
Lisa Florian, president and chief executive officer of Clearview, said there are no plans to close either of Parkview’s offices in McKeesport or North Huntingdon Twp.
Credit unions are non-profit membership organizations that provide many of the same services as banks.
Founded in the 1930s to provide savings accounts and loans to workers at U.S. Steel’s National Works, Parkview currently has $59.4 million in assets and almost 8,000 members. Clearview, founded to serve employees of the former Allegheny Airlines, has $1.9 billion in assets and 119,000 members.
Tube City Community Media Inc., parent organization of Tube City Almanac, is a member of Parkview credit union.
Robert Cartia, chair of the Parkview board of directors, said the McKeesport institution sought a merger with a larger credit union to seek economies of scale, especially when dealing with vendors.
“Being a smaller financial institution, we seem to be a low priority for a lot of our data-processing vendors,” he said, “which causes a lot of problems for us.”
Cartia said the Parkview board approached Clearview for a merger because of its strong financial position, “outstanding member experience,” and its “dedication to the communities in which they operate.”
“We definitely feel that our core values mirror one another,” Florian said.
About 50 people attended Thursday’s meeting, including Parkview and Clearview employees and about 30 members.
No Parkview employees are expected to lose their jobs, though Gina Tatkus, longtime chief executive officer, is expected to retire, according to documents explaining the merger process.
Originally published January 08, 2024.
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