New York’s North Country Credit Unions Plan Merger
If approved by members, the consolidation will likely create the Empire State’s next billion-dollar financial cooperative.
Two New York credit unions that are planning to merge will likely create the next $1 billion financial cooperative.
This summer, members of the $224 million St. Lawrence Federal Credit Union in Ogdensburg are expected to vote on whether to consolidate with the $775 million SeaComm Federal Credit Union in Massena.
Based on fourth quarter NCUA financial performance reports, the combined credit unions would manage $999.1 million in assets, serve more than 65,000 members with 199 employees and 16 branches, including 14 in upstate New York and two SeaComm branches in Burlington and Junction, Vt.
Todd Mashaw, president/CEO of St. Lawrence, said he plans to retire and will be retained as a consultant for one year post-merger.
“This merger will unite two like-minded, member-focused, similarly cultured, highly compatible North Country credit unions into one, making it even stronger. Both credit unions know the value of being there for our members and our employees,” Mashaw said in a prepared statement. “We both make lending decisions in our branches and work hard to make choices that will always have a positive impact on our members. That said, we are in a unique strategic position today to build upon two long standing, well-run organizations that know our members and what the needs of our communities are all about,”
Under the terms of the agreement, which was approved by the boards of directors of both credit unions, one St. Lawrence board member will join the SeaComm board. There will also be an advisory committee formed from the current St. Lawrence board that will provide advice and counsel on the overall effect of the merger.
The combined organization will operate under the SeaComm brand.
In addition, SeaComm’s location in Massena will continue to operate as the headquarters for the combined credit unions and St. Lawrence’s main location in Ogdensburg will continue as an operations center. SeaComm’s operations center in Plattsburgh will remain open to support the eastern Vermont operations.
“This is a transformational partnership that will enhance what we are able to do for all our members, employees and communities in which we operate. Both credit union’s mission and values are succinctly aligned and will only strengthen the credit union as we move forward together well into the future,” SeaComm President/CEO Scott A. Wilson said in a prepared statement. “A key to the success of this merger will be the staff who will remain in their branch/office locations to continue to take care of the members as they do so well.”