Citadel Credit Union Converts Charter to Expand Membership
Citadel Credit Union has completed a charter conversion that expands its membership eligibility. The transition is aimed at broadening access to its services for more individuals, families, and businesses in its community.
The charter conversion to a Federal Multiple Common Bond charter is a strategic pivot from Citadel's previous federal community charter, which restricted membership to those who lived, worked, worshiped, or studied in Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. This change significantly widens the potential membership pool beyond a strictly geographic definition. Under the new charter, eligibility is extended to individuals in Pennsylvania and the neighboring states of Delaware, New Jersey, New York, Maryland, Ohio, and West Virginia. Membership can now be obtained through select employee groups, association partnerships, or by residing in federally designated "Underserved Areas." This strategic shift follows a period of organizational transformation and comes after a settlement with the Department of Justice regarding allegations of redlining. The settlement included a commitment from Citadel to increase its lending services in minority communities and to open new branches in Philadelphia. With over $6.4 billion in assets and more than 270,000 members, Citadel is one of the largest credit unions in the Greater Philadelphia area. The charter change is positioned by the institution's leadership as a move to broaden access to its financial services and support responsible growth. The conversion allows Citadel to add an unlimited number of underserved communities to its field of membership, a key feature of the multiple common bond charter. This flexibility is intended to help the credit union better serve economically distressed areas and expand its community-focused initiatives. As part of its expansion, Citadel has already announced its first-ever branch in Philadelphia, located in the Overbrook Park neighborhood, which is set to open in early 2026. This is one of several new locations planned for the city, reflecting a commitment to increase its physical presence and community engagement.
