KARNS CITY — Employees of Calumet/Penreco, the Karns City School District and others can now enjoy the services offered by the Armco Credit Union.

Tony Shakely, marketing manager at Armco Credit Union, said at the ribbon-cutting ceremonies Tuesday that the credit union has about 2,000 members in Karns City, Petrolia, Bruin, East Brady, Chicora and other areas surrounding the 1,500 square-foot branch office beside Calumet/Penreco on Petrolia Street.

Ground was broken on the new, full-service branch office six months ago.

Shakely said the branch will employ three full-time workers and will have two inside teller stations and two drive-through lanes as well as a 24-hour ATM.

“We merged with the former Penn-Drake Credit Union in 2013 and part of the agreement was to provide a credit union for their members,” Shakely said.

“After lots of planning and searching for a space, we were fortunate to end up with this piece of land and to build this facility.”

He said the credit union has about 130 organizations that belong and can use the credit union's services.

“And we're accepting new businesses that want to join,” Shakely said.

Randy Cypher, credit union CEO, said those who bank or procure loans from the Armco Credit Union are called “members” and not “customers.”

“The biggest difference is that you are a stock holder in a credit union,” Cypher said.

He added that deposit rates are higher and fees are lower or nonexistent at a credit union as opposed to a bank.

A public open house will be from noon to 6 p.m. Wednesday at the new Armco Credit Union branch at 106 Petrolia St., Karns City.