Citadel Credit Union, a not-for-profit, member-owned credit union serving Greater Philadelphia, recently converted from a community charter to a Federal Multiple Common Bond charter.
“This transition reflects years of disciplined preparation,” Anand Solanki, Citadel chief financial officer and Product Management, Analytics, Strategy, and Facilities Management head, said. “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.”
Conversion is part of a long-term strategy to grow with discipline while preserving its member-first mission and strong local roots. It will allow Citadel to broaden membership eligibility and serve more customers across a wider regional footprint. As a Federal Multiple Common Bond credit union, it is easier for individuals to qualify through select employee groups and association partnerships or based on living in specified Underserved Areas. There also is greater flexibility to serve members in Pennsylvania and neighboring states, an area representing a combined population of more than 60 million.
Citadel also has made a series of organizational changes designed to scale effectively. It strengthened its executive team, built a team of experienced relationship managers, invested in technology, expanded its Business Banking division and expanded Small Business Administration lending capabilities.