TOWSON, Md.–Members of the $14.1-million St. Joseph Medical Center FCU have voted in favor of merging into the $1.25-billion First Financial of Maryland FCU in Sparks, Md.
St. Joseph Medical Center FCU serves all the employees of the St. Joseph Medical Center family including its employees, physicians and contracted staff.
“We are excited for the opportunities this merger brings to St. Joseph Medical Center FCU members. First Financial offers a variety of financial products, convenient services, and the personal service our members have come to expect from their credit union,” SJMCFCU Chair Tom Gronert said in a statement.
As a result of the merger, First Financial reported it will be adding a fourth major hospital to its field of membership, which also includes more than 25 healthcare service organizations, four county school systems and over 150 select employer groups within their service region.
First Financial, which has 71,814 members, posted 2024 year-end net income of $1.94 million and net worth of 18.43%. SJMCFCU, which has 1,537 members, had $45,756 in net income and net worth of 17.88%.
What Members Were Told
In its disclosure forms to members prior to the vote, St. Joseph Medical Center Maryland FCU told members the merger will provide shared resources that will allow it to expand product and service offerings, and that the combined credit union will be able to bring its “strong social responsibility” to the communities it serves.
Both organizations, SJMCMFCU said, have strong “value-based” cultures. It said it will not return any of that net worth to members because “ownership will be merged into and survive at First Financial of Maryland.”
‘Standard of Excellence’
“We are honored to have been chosen by the SJMCFCU leadership and members to be their credit union of the future,” FFFCU President and CEO Eric Church in a statement. “First Financial will continue their standard of service excellence and also deliver all the benefits and value that First Financial membership brings. We are excited to welcome aboard the SJMCFCU members and look forward to being a part of their community.”
First Financial said it will continue to operate the SJMCFCU branch located on the campus of St. Joseph Medical Center.
