Acting under an NCUA request, the $4.7 billion Bethpage Federal Credit Union said it expects to complete a Sept. 1 merger of the ailing $5 million UFCW Local 342 FCU of Mineola, N.Y.
The consolidation of the union-based credit union would be the first merger for 203,000-member Bethpage in five years “but fits well into our expansion program as we look at other similar opportunities,” said Linda Armyn, senior vice president of corporate strategy at the big Long Island institution.
The Mineola credit union, which has 2,000 members and one office, is typical of some small credit unions which are struggling in today's environment, said Armyn.
Talks with NCUA and the UFCW board began more three months ago and “we're happy to help out when we can,” Armyn said, noting there was no bidding process on the Mineola credit union.
“We have made bids for others in the past and we will continue to do so,” said Armyn.
Bethpage said it plans to close the small credit union's sole office but that current UFCW members will be offered more products and services and the use of Bethpage's branches.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
