Citadel Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1937 in Coatesville, Pennsylvania, United States |
| Headquarters | Exton , United States |
Area served | Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties in Pennsylvania |
| Products | Savings accounts, checking accounts, consumer loans, mortgages, credit cards, online banking services, wealth management |
Citadel Credit Union, headquartered in Exton, Pennsylvania, operates 24 branches serving the counties of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia. Overseen by the National Credit Union Administration (NCUA), Citadel provides a range of financial products including savings and checking accounts, consumer loans, mortgages, credit cards, online banking services, and wealth management to a membership exceeding 200,000 individuals.
By 2020, Citadel was recognized as Pennsylvania’s fourth largest credit union and held the position of second largest within the Greater Philadelphia region.
History
Established in 1937 in Coatesville by employees of Lukens Steel under the name Lukens Employee Federal Credit Union, Citadel experienced substantial growth through strategic acquisitions. In 2005, it expanded its asset base to nearly $1 billion following the purchase of Atlantic Credit Union located in Newtown Square. The subsequent year saw the NCUA approve an extension of Citadel’s charter to include additional counties across Pennsylvania.
In 2011, Citadel moved its corporate headquarters from Thorndale to Exton while preserving its status as the Philadelphia area’s second largest credit union by asset size.
Redlining Allegations and Settlement
The U.S. Department of Justice (DOJ) lodged a complaint in Pennsylvania accusing Citadel of discriminatory mortgage lending practices from 2017 to 2021 by neglecting predominantly Black and Hispanic neighborhoods in Philadelphia—a conduct identified as Redlining. During this period, only 3% of residential mortgage loans subject to HMDA reporting were granted in these communities, compared to 10% by comparable lenders. In October 2024, a settlement was reached between Citadel and the DOJ obligating the credit union to allocate $6 million toward a Loan Subsidy Fund aimed at enhancing loan availability in affected areas. Furthermore, Citadel committed to establishing three new branches within majority Black and Hispanic neighborhoods and engaging independent consultants to improve its fair lending initiatives.