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Cornerstone Merger FAQs

Member Merger Guide

  1. What is happening?

Belco Community Credit Union, headquartered in Harrisburg, Pennsylvania, and Cornerstone Federal Credit Union, based in Carlisle, Pennsylvania, are joining forces to provide an improved member experience and added convenience for all members.

  1. How will this partnership benefit Belco members?

The opportunity to combine operational resources and talent will enable these strong regional credit unions to expand their branch and ATM networks. A combined asset and capital base will keep rates on financial products and services low, position the credit union for continued growth, and deepen community involvement.

  1. When will the merger take place?

All Belco offices will be CLOSED on Saturday, September 2, so that we may transition account data to complete our merger with Cornerstone FCU. In addition, availability of our electronic services will be limited from 11 PM on Friday, September 1 until 1 PM on Saturday, September 2. Money Manager (our online banking system) and Belle (our automated phone system) will be unavailable during this time. Belco ATMs will be functional, however, there will be a cash withdrawal limit of $200 per day, subject to account balance availability.

All branches will re-open for business as usual on Tuesday, September 5. Please plan accordingly. We thank you in advance for your patience.

  1. Is this partnership a good fit?

We believe that this partnership is a great fit. Both credit unions were initially founded by regional telephone employees and share a common bond and commitment to their members, employees and communities.

  1. Will current branches change after the merger?

No branch locations will close as a result of this announcement and we are excited to make it even more convenient for Belco and Cornerstone members to visit a wider network of branches and ATMs. View a list of the current Cornerstone locations. As with any business, we will regularly evaluate member needs regarding the future of the current branch offices.

  1. As a Belco member, can I use a Cornerstone branch now to conduct my financial business?

At this point in time, Belco members cannot use a Cornerstone office to conduct their transactions. This opportunity will occur once the merger has been finalized in September 2017.

  1. What are the key reasons for merging Cornerstone FCU and Belco CCU?

a.) Both credit unions share a culture that is guided by service to our members. Belco and Cornerstone have a member centric approach to doing business. With a primary focus on the member experience, the merger will bring together two like-minded credit unions.

b.) A branch network that benefits both groups of members, since both credit unions have members living in the Carlisle, Gettysburg, Hanover, and Mechanicsburg areas.

c.) Competition in the central Pennsylvania market from large commercial banks and very strong regional banks continues to make credit union growth a challenge. Economies of scale will allow for investment in infrastructure to provide improved electronic delivery channels:

  • A combined core computer system will provide upgraded functionality and security of data
  • Modernized loan origination systems will improve delivery of loans to members
  • An enhanced mobile application will provide the latest functionality in mobile banking
  • Improved web site design will increase online banking tools and financial literacy by means of videos and interactive opportunities
  • A primary goal will be to improve the overall operating efficiency that comes with economies of scale. This improved efficiency will be reinvested in the financial future and success of the membership. Low loan rates and better savings rates are the beginning and will be expanded to include the products and services necessary to be competitive in today’s financial services market.
  1. Will Cornerstone FCU Board members have a continuing seat on the combined Board of Directors?

The combined Board of Directors will include two Cornerstone FCU Board members who will have voting authority. CFCU volunteers are also invited to join Belco’s various committees which engage in oversight and planning for the future direction of the credit union.