~ In a move that will bring together two highly respected credit unions, Benchmark Federal Credit Union (BFCU) and Franklin Mint Federal Credit Union (FMFCU) have announced their definitive merger agreement. The merger, which is subject to regulatory approval and a vote from BFCU's membership, will see BFCU merge into FMFCU.

This strategic partnership is based on the shared values of both credit unions, including a commitment to member service, community involvement, and financial strength. BFCU members can expect expanded access to banking solutions, branch locations, and financial education as a result of the merger, while still receiving the personalized service and local decision-making they have come to expect.

According to Daniel J. Machon Jr., President & CEO of Benchmark Federal Credit Union, this partnership with FMFCU will bring even greater value to their members. He stated that the merger will provide access to a wider range of services, enhanced digital tools, and a larger branch and ATM network. Most importantly, Machon emphasized that FMFCU shares BFCU's core values and commitment to serving their communities.

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On the other hand, Franklin Mint Federal Credit Union sees this merger as an opportunity to build upon their history of growth and community engagement. With over $1.8 billion in assets, FMFCU views this partnership as a way to continue promoting cooperative values.

Michael B. Magnavita CPA, President & CEO of Franklin Mint Federal Credit Union expressed his excitement about welcoming BFCU's members and employees into the FMFCU family. He believes that this partnership aligns with their long-term strategic vision and reinforces their commitment to building relationships with members while also empowering businesses and communities.

Under the leadership of Franklin Mint Federal Credit Union's name, the combined organization will operate after the completion of the merger in early 2026. BFCU's members can expect continuity in service as many familiar employees will continue to serve them. The credit unions have assured that every effort will be made to ensure a smooth and seamless transition for members.

The merger is expected to be finalized in early 2026, pending regulatory approval and a vote from BFCU's membership. Throughout the process, BFCU members can expect updates and detailed information about the merger. This partnership marks an exciting new chapter for both credit unions as they work towards providing even better services and support for their members.

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