Former CEO of midstate credit union fights merger with Belco

(Harrisburg) — The former CEO of a midstate credit union is trying to stop its plan to join another larger credit union.

Carlisle’s Cornerstone Federal Credit Union reached an agreement with Belco Credit Union, based in Harrisburg, late last year on a merger.

But there are opponents.

Dave Keffer, former CEO of Cornerstone, says the credit union would do fine on its own.

“Knowledge of the community, knowledge of people, that will all get diluted by moving into the larger credit union,” says Keffer.

Keffer says Cornerstone has better loan rates and lower fees for members.

“Our brand is one of value-added service and informed choice, so that’s why it has been such a shock,” he adds.

But Belco CEO Amey Sgrignoli CEO says Cornerstone is going to keep current operations in place.

“What we’ll be doing and what we’ve committed to do is to keep all employees, so that is certainly a step in the right direction,” she says. “The fact that the two credit unions really overlap in Cumberland County, but don’t have overlapping branches is really a significant benefit that we saw when talking about the opportunity to bring the two credit unions together.”

Cornerstone members are set to vote on the plan tonight at 6.

If its approved, Belco will soon start absorbing all of Cornerstone’s operations.