The Pennsylvania institution says the move will widen membership eligibility across several states while preserving its cooperative mission.

Citadel Credit Union, the $6.6 billion-asset institution based in Exton, Pennsylvania, announced Monday that it has converted from a community charter to a Federal Multiple Common Bond charter, a step that will significantly broaden who can join the nearly 90-year-old, member-owned cooperative.

The change allows Citadel to widen its field of membership, making it easier for individuals to qualify based on residence in designated underserved areas or through select employee groups and association partnerships. The new charter also provides flexibility to serve members across Pennsylvania and neighboring Delaware, New Jersey, New York, Maryland, Ohio and West Virginia — a combined population exceeding 60 million.

“This is a defining moment for Citadel,” Bill Brown, president and chief executive, said in a statement. “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.”

The conversion follows what executives described as sustained investment in leadership, infrastructure and governance. In recent years, the credit union has strengthened its executive bench in commercial banking, lending, risk management, digital transformation and community engagement. Those moves, the institution said, were intended to prepare it for disciplined growth without compromising its cooperative structure.

“The board evaluated this transition as a matter of long-term institutional strength,” Claudia Hellebush, chairwoman of the board, said in a statement. “By aligning our charter with our scale, governance, and operational capacity, we are ensuring Citadel remains financially resilient, competitively positioned, and built to endure.”

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Citadel serves more than 285,000 members through 25 branches and reported earnings of more than $33 million in 2025, up from $32.6 million a year earlier, according to NCUA call report data.

Anand Solanki, chief financial officer and head of product management, analytics, strategy and facilities management, said the groundwork for the conversion included strengthened capital planning and regulatory alignment. “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,” Solanki said.

Part of that growth strategy centers on business banking. Citadel has expanded its team of relationship managers and increased its Small Business Administration lending capabilities, aiming to support entrepreneurs and local employers across its footprint.

The new charter also builds on Citadel’s growing presence in Philadelphia, where it recently opened a branch in the Overbrook Park neighborhood and plans additional locations. Future branches are expected to serve as community hubs offering financial education and space for local partnerships.

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

“Our goal isn’t simply to be bigger,” Brown added. “It’s to be better, for our members, for our employees, and for the communities that place their trust in us.”

“By aligning our charter with our scale, governance, and operational capacity, we are ensuring Citadel remains financially resilient, competitively positioned, and built to endure.”

– Claudia Hellebush
Chairwoman of the Board
Citadel Credit Union