In Pennsylvania, new CEO in the west, merger in the east
Allegent Community FCU found its new leader in house, while Franklin Mint FCU prepares to cross the $2 billion threshold through a merger.
Allegent Community Federal Credit Union in Pittsburgh named Michael Korhnak as its new president and CEO.
Korhnak, who was most recently chief financial officer for the $295 million-asset Allegent, replaces Angelo Lucatorto.
Korhnak told Tyfone he took over the CEO role on June 2.
The credit union has seen strong growth of late, increasing its membership by 20% over the past two years to 24,427 at March 31, 2025.
Allegent also completed two mergers last year. McKeesport Bell Federal Credit Union and Tri Valley Service Federal Credit Union both merged into Allegent Community giving it seven branches in the Pittsburgh area.
Allegent earned roughly $126,000 in the first quarter, a 22% increase compared to a year earlier, according to call report data from the National Credit Union Administration.
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In the eastern part of Pennsylvania, Franklin Mint Federal Credit Union is poised to cross the $2 billion-asset mark through a merger with $315 million-asset Benchmark Federal Credit Union in West Chester.
The Chadds Ford-based Franklin Mint said it views the merger 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,” said Michael Magnavita, President and CEO of Franklin Mint FCU.
The $1.9 billion-asset Franklin Mint said the merger is expected to be completed in early 2026.
Franklin Mint FCU has 148,000 members and earned $228,500 in the first quarter after recording a loss of $1.2 million in the year-ago quarter, according to NCUA call report data.
For the 10,000-member Benchmark FCU, first quarter losses totalled $192,000. A year ago, the credit union earned $6,600 in the first three months.
“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 Machon, Jr.
President and CEO
Benchmark Federal Credit Union
