Franklin Mint Federal Credit Union (FMFCU) has announced a merger deal with Pennsylvania-based financial cooperative Benchmark Federal Credit Union (BFCU).
The financial terms of the deal were not disclosed.
This merger, which requires regulatory approval and a vote from BFCU’s members, aims to combine the resources and member services of both institutions.
The collaboration between FMFCU and BFCU is expected to enhance financial solutions for the latter’s members. BFCU members could gain greater access to banking services, additional branch locations, and financial education resources.
BFCU president and CEO Daniel Machon, Jr. said: “Joining forces with Franklin Mint Federal Credit Union allows us to deliver even greater value to our members, including broader service offerings, enhanced digital tools, and access to a larger branch and ATM network.
“Most importantly, FMFCU shares our core values, member-first philosophy, and commitment to the communities we serve.”
FMFCU has a longstanding presence in the greater Philadelphia area, serving its community since 1970. It stands as the eighth-largest credit union in Pennsylvania by asset size and is the largest financial institution based in Delaware County.
The credit union has 148,000 members, 6,000 partner organisations, and 17 branches.
Established in 1940, BFCU serves over 9,000 members primarily within Chester County, Pennsylvania. BFCU holds over $300m in assets.
With assets exceeding $1.8bn, FMFCU regards this merger as a means to further its mission of cooperative values and community engagement.
Post-merger, the unified entity will operate under the FMFCU banner. Efforts will be made to retain familiar BFCU staff to ensure continuity of service for members during the transition.
FMFCU president and CEO Michael Magnavita said: “We are honoured to welcome Benchmark Federal Credit Union’s members and employees to the FMFCU family.
“This partnership not only supports our long-term strategic vision but also reinforces our commitment to building relationships, empowering members, and strengthening businesses and communities—all while enhancing our ability to deliver financial wellness and innovation.”
The merger process is expected to conclude during early 2026.
