EXTON, Penn. — Citadel Credit Union said it has converted from a community charter to a federal multiple common bond charter, a change the $6.6 billion-asset institution said will allow it to expand membership eligibility and extend services across a broader regional footprint while preserving its cooperative structure.
The not-for-profit, member-owned credit union said the new charter enables it to widen its field of membership by allowing individuals to qualify based on residence in designated underserved areas, as well as through select employee groups and association partnerships. Citadel said the expanded charter provides greater flexibility to serve members across Pennsylvania and neighboring states, including Delaware, New Jersey, New York, Maryland, Ohio and West Virginia — a combined population of more than 60 million.
President and CEO Bill Brown called the conversion “a defining moment,” saying it reflects years of planning aimed at removing barriers to membership and positioning the organization for disciplined growth.
‘Careful Planning’
“Our transition reflects careful planning and a clear sense of purpose,” Brown said. “It removes barriers to membership, increases access, and allows us to evolve while staying true to who we are and why we exist.”
Citadel said the move follows sustained investments in leadership, infrastructure and oversight. In recent years, the credit union strengthened its executive team across commercial banking, lending, risk management, digital transformation, philanthropy and community engagement. Chief Financial Officer Anand Solanki said the institution also enhanced capital planning, regulatory alignment and modernized technology systems to support expansion with what he described as “consistency, control and long-term confidence.”
Key Contributor
The credit union pointed to growth in its business banking division as a key contributor to its momentum. Citadel said it has expanded its team of relationship managers, increased Small Business Administration lending capabilities and invested in updated technology to support small businesses and entrepreneurs. With a broader field of membership, the credit union said it expects to extend those services to additional communities, supporting job creation and local investment.
Citadel also cited record engagement through its philanthropic initiative, Citadel Cares, which supports financial literacy, education, community and economic development, and health and wellness programs. Brown said the charter expansion increases both opportunity and responsibility.
“As our reach increases, so does our responsibility,” he said. “This transition is not just about opportunity. It is about accountability and showing up consistently for the communities we serve.”
Philly Expansion
The charter change builds on the credit union’s expanding presence in Philadelphia, where it recently opened its first brick-and-mortar branch in the Overbrook Park neighborhood. Additional Philadelphia locations are planned, designed to serve as community hubs offering financial education, partnership space and neighborhood-focused programming. Citadel said more than 17,000 of its members already live, work, worship or attend school in the city.
Citadel serves more than 285,000 members through 25 branches.
