NJDOT CU and State CU to merge; form largest N.J. state charter

EWING and TRENTON, N.J. – NJDOT Credit Union with 17,000 members and $112 million in assets, and the State Credit Union with 13,000 members and $36 million in assets, have received approval from the New Jersey Department of Banking and Insurance to merge. The merger, tentatively scheduled for Dec. 1, 2002, will result in the formation of the largest state-chartered credit union in New Jersey. The combined credit union will have 57 employees, 30,000 members and about $150 million in assets. The credit unions said there will not be any branch closings or employee layoffs as a result of the merger. SCU President Fran DePiano and NJDOT President Andrew Jaeger said the merger will allow the CUs’ members to receive enhanced benefits because of economies of scale.