The Armco Credit Union Board of Directors held a special meeting of its membership on Tuesday, October 29, 2024 at 4:00 pm at the Crossfire Campus located at 1802 N. Main Street Extension, Butler, PA. The purpose of this meeting was to vote on a proposed addition to our Articles of Incorporation that will allow us to add an underserved geographic area to our field of membership. According to Pennsylvania and Federal regulations, by adding this underserved geographic area to our field of membership, we will be able to offer credit union services to any individual or business that resides, works or worships in this geographic area as well as potentially merge with any credit union that serves members within this area also.
The results of this election were 97 votes in favor of the proposed amendment and 9 votes opposed.
What is an “Underserved Geographic Area”? When the federal government conducts its nationwide census, the number of financial institutions in a census tract are counted and compared to the population. When there is a below normal number of financial institutions per person in a geographic area (census tract) it is labeled an “Underserved Geographic Area” and financial institutions are encouraged to add branches in this area in order to offer adequate financial services to its population.
The map shown below highlights in gray the underserved geographic area that Armco CU will be able to serve when our membership approves the additional verbiage to our Articles of Incorporation. There is also a small credit union within this area that would like to merge into Armco Credit Union, but cannot merge until we add this underserved geographic area.
At the special meeting, we will discussed the proposed change to our Articles of Incorporation, and answered questions from the floor. Below is Article 8 of our Articles of Incorporation as it exists now with the Board recommended addition highlighted in bold:
Armco Credit Union
Articles of Incorporation
8th Article
The membership of this credit union will be limited to:
- Employees and retirees of:
a. Armco or its successor in Butler, PA.
b. This credit union.
c. Other occupational and associational groups as by law provided and with the prior approval of the Department of Banking. - Spouses of deceased employees of the above groups.
- Immediate families or household of all of the above who are members.
- Spouses of all the members.
- Membership can also be held by the occupational and associational group entity (item c above); corporate or other legal entities in this charter; and organizations composed principally of the same groups as the Credit Union Membership.
- Persons who live, worship, work (or regularly conduct business in), or attend school, and businesses and other legal entities in census tracts 42039110100, 42039111000, and 42039111200 in Crawford County, PA; tracts 42049000300, 42049000400, 42049000500, 42049000600, 42049000700, 42049000800, 42049000901, 42049000902, 42049001000, 42049001300, 42049001400, 42049001500, 42049001600, 42049001700, 42049001800, 42049002500, 42049002600, 42049002700, 42049011201, 42049011300, 42049011400, 42049011508, 42049011511, 42049011801, 42049011802, 42049011900, 42049012001, and 42049012002 in Erie County, PA; tracts 42053530100 and 42053530200 in Forest County, PA; tracts 42123970300, 42123970400, 42123971200, and 42123971400 in Warren County, PA.
This map identifies in gray, the geographic area that will be eligible to join Armco Credit Union with the change to our Articles of Incorporation.
Please note: you must be a member to vote. If you are a joint account holder, but not a member, please contact any branch to join. If you are unsure of your status, please call 724-284-2020, option 8.
