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Marcy FCU Headed to Immediate Merger Post-Conversion with Former Credit Union Beacon Federal

If the roughly 3,800 members of the $24 million Marcy Federal Credit Union approve their credit union's conversion to a mutual bank, the credit union appears headed for an immediate merger. According to records with the Office of Thrift Supervision, Beacon Federal Savings Bank, a former credit union that changed...

By David Morrison | Updated on August 29, 2006

MARCY, N.Y. — If the roughly 3,800 members of the $24 million Marcy Federal Credit Union approve their credit union’s conversion to a mutual bank, the credit union appears headed for an immediate merger. According to records with the Office of Thrift Supervision, Beacon Federal Savings Bank, a former credit union that changed its charter to a mutual bank in 1999, has applied to merge with the mutual thrift that Marcy FCU would become. If this happens, it would make Marcy the fourth, and largest, credit union to have merged with Beacon since it became a bank.

The NCUA has yet to approve or disapprove Marcy’s disclosure documents linked to the proposed charter change and Marcy has declined comment until the disclosures are approved. The OTS has set Oct. 22 as the date by which it plans to make a decision on the merger application.

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