Benchmark Federal Credit Union and Franklin Mint Federal Credit Union have entered into an agreement that will see Benchmark FCU merge into Franklin Mint FCU.
The combination, announced June 10, is expected to be completed in early 2026, pending regulatory approval and a vote by Benchmark’s membership.
The agreement between the Chester County-based Benchmark and Delaware County-based Franklin Mint FCU is described by the two firms as a strategic partnership that “brings together two mission-driven credit unions with strong reputations for member service, community involvement, and financial strength,” according to a release.
The merger will provide Benchmark’s estimated 9,000 members with expanded access to banking solutions, branch locations and financial education, while preserving the personalized service and local decision-making they’ve come to expect, the company said.
“Joining forces with Franklin Mint Federal Credit Union allows us to deliver even greater value to our members, including broader service offerings, enhanced digital tools, and access to a larger branch and ATM network,” Daniel J. Machon Jr., Benchmark president and CEO, said in a statement. “Most importantly, FMFCU shares our core values, member-first philosophy and commitment to the communities we serve.”
For Franklin Mint Federal Credit Union, which has more than $1.8 billion in assets, the merger serves as an opportunity to build on a shared legacy of cooperative values.
“This partnership not only supports our long-term strategic vision but also reinforces our commitment to building relationships, empowering members and strengthening businesses and communities — all while enhancing our ability to deliver financial wellness and innovation,” Michael B. Magnavita, Franklin Mint president and CEO.
Founded in 1970, Franklin Mint FCU is headquartered in Chadds Ford, Delaware County. It has 148,000 members and operates 17 branches in Delaware and Chester counties, as well as in Philadelphia and Delaware.
Following approval of the combination, the organization will operate under the Franklin Mint Federal Credit Union name and leadership.
In a Frequently Asked Questions document posted on the Benchmark website, the company said its three current branches will remain open for now, with plans to evaluate branch operations to ensure they meet the needs of members efficiently and effectively. Members will have access to an additional 17 Franklin Mint branches following the merger.
In addition, the document states Benchmark staff will have the opportunity to remain with the organization.
Benchmark said it will keep members updated throughout the process through direct mail, email, the company’s website and in-branch materials.
Benchmark’s Milestone
The merger announcement comes at the same time Benchmark is celebrating its 85th anniversary of serving members in Chester County.
To mark the anniversary, the credit union has two community events. The first celebration was held at Benchmark branch at 785 Starr Street in Phoenixville on June 13.
A second celebration is planned for July 18 from 11 a.m. to 1 p.m. at the credit union’s branch at 323 E. Gay Street, West Chester. The event is open to the community and will feature refreshments and giveaways.
“As we mark 85 years of service to our valued members and the ever-evolving Chester County community, we’re proud to celebrate this milestone by giving back,” Machon said in a statement. “Since 1940, our mission has remained the same — empowering our members and driving financial wellness forward.”
Founded in 1940, Benchmark Federal Credit Union is headquartered in West Chester, and has more than $300 million in assets.
To honor what it says is “85 Years of Driving Chester County Forward,” Benchmark is offering an auto loan promotion through the end of July, with rates on new and used auto loans reduced to as low as 5.99% APR.
