Taking on the deeply troubled $330 million Paragon FCU, New York's Visions FCU expects to draw on its own successful merger record in helping to turn around the Montvale, N.J., credit union while Visions adds new business, its president/CEO, Frank E. Berrish, said Monday.
The $2.6 billion Visions of Endicott, N.Y., plans to complete on Nov. 1 a merger of Paragon, which has long been on an NCUA watch list and pushed by the agency to find a merger partner.
"The prospects of a merger began last April when there were some 40 credit unions given an RFP," Berrish said of the standard bidding procedure initiated by Paragon lawyers.
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