Citadel Credit Union Completes Charter Conversion to Broaden Access & Support Responsible Growth

The transition expands membership eligibility, strengthens Citadel's ability to serve individuals, families, and businesses, and builds on years of investment in leadership, governance, and community impact.

EXTON, Pa., March 2, 2026 /PRNewswire/ -- Citadel Credit Union today announced it has converted from a community charter to a Federal Multiple Common Bond charter, a strategic move that enables the not-for-profit, member-owned financial institution to broaden membership eligibility and serve more individuals, families, and businesses across a wider regional footprint. The milestone advances Citadel's long-term strategy to grow with discipline while preserving its member-first mission and strong local roots.

The conversion follows sustained investment in leadership, infrastructure, governance, and community engagement. Together, those efforts position Citadel to extend its cooperative financial services thoughtfully and sustainably, without compromising the values that have defined the organization for nearly 90 years.

"This is a defining moment for Citadel," said Bill Brown, President and CEO. "Our transition reflects careful planning and a clear sense of purpose. It removes barriers to membership, increases access, and allows us to evolve while staying true to who we are and why we exist."

What the New Charter Means

As a Federal Multiple Common Bond credit union, Citadel will widen its field of membership, making it easier for individuals to qualify based on where they live in specified Underserved Areas, or through select employee groups and association partnerships. The new charter also provides greater flexibility to serve members across Pennsylvania and neighboring states, including Delaware, New Jersey, New York, Maryland, Ohio, and West Virginia, representing a combined population of more than 60 million.

As a not-for-profit credit union, Citadel will continue to reinvest earnings directly back to members and communities through better rates, enhanced services, and expanded community programs.

"The Board evaluated this transition as a matter of long-term institutional strength, said Claudia Hellebush, Chairwoman of Citadel's Board. "By aligning our charter with our scale, governance, and operational capacity, we are ensuring Citadel remains financially resilient, competitively positioned, and built to endure."

Building the Foundation for Responsible Growth

The charter conversion follows a period of organizational transformation under the Board's leadership. Citadel strengthened its executive team across commercial banking, lending, risk management, digital transformation, philanthropy, and community engagement, reinforcing the expertise and operational discipline needed to scale effectively.

These investments enhanced governance, deepened risk oversight, and elevated the member experience, laying the groundwork for growth rooted in trust and long-term stability.

"This transition reflects years of disciplined preparation," said Anand Solanki, CFO and Head of Product Management, Analytics, Strategy, and Facilities Management. "With strengthened capital planning, regulatory alignment, and modernized technology, we are positioned to execute on our growth strategy with consistency, control, and long-term confidence."

Business Banking and Economic Impact

Citadel's expanding Business Banking division has been a significant contributor to its momentum. By building a team of experienced relationship managers, expanding SBA lending capabilities, and investing in modern technology, the credit union has strengthened support for small businesses and entrepreneurs throughout its service area.

With a broader field of membership, Citadel is positioned to extend these capabilities to additional communities, helping drive job creation, local investment, and economic resilience.

Growth Matched by Community Commitment

Institutional growth has been accompanied by record impact through Citadel Cares, the credit union's philanthropic and community engagement initiative. In a record year of giving and volunteer support, programs focused on financial literacy, education, community and economic development, and health and wellness expanded significantly.

"As our reach increases, so does our responsibility," said Brown. "This transition is not just about opportunity. It is about accountability and showing up consistently for the communities we serve."

Expanding Presence in Philadelphia

The new charter builds on Citadel's growing presence in Philadelphia, where the credit union recently opened its first brick-and-mortar location in the Overbrook Park section of the city. Additional Philadelphia locations are planned as part of a broader strategy to expand access to financial services in neighborhoods where more than 17,000 members already live, work, worship, and attend school.

Future branches are designed to function as community hubs, offering financial education, space for local partnerships, and neighborhood-focused programming.

Positioned for the Future

With its expanded field of membership now in effect, Citadel is positioned to continue advancing with purpose, deepening relationships, and delivering long-term value across a broader region.

"Our goal isn't simply to be bigger," Brown said. "It's to be better, for our members, for our employees, and for the communities that place their trust in us."

About Citadel Credit Union
Citadel Credit Union is a not-for-profit, member-owned financial institution providing banking, investment, and insurance services to more than 285,000 members. With approximately $6.6 billion in assets and 25 branches, Citadel is one of the Greater Philadelphia region's largest credit unions, serving individuals, families, and businesses in southeastern Pennsylvania and under a Federal Multiple Common Bond charter that allows membership eligibility throughout Pennsylvania and neighboring states, including Delaware, New Jersey, New York, Maryland, Ohio, and West Virginia.

Headquartered in Exton, Pa., Citadel is recognized as a Newsweek and Plant-A Insights Group 2025 America's Best Regional Banks and Credit Unions and is a seven-time certified Great Place to Work. For more information, visit CitadelBanking.com.

Federally insured by NCUA.

SOURCE Citadel Credit Union