GENEVA, N.Y.–Two New York credit unions have announced plans to merge in a deal under which one will operate as a division of the other.
The $194-million Finger Lakes FCU and the $17-million Webster FCU said they plan to combine. Webster FCU will retain its name and operate as a division of Finger Lakes FCU. The merger proposal will go to members of Webster Federal Credit Union for an official vote later this year, according to the Finger Lakes Times.
The merged credit union will serve approximately 22,000 members.
“Webster will retain its name, all staff members, the current location and hours, while providing new products, new reward features, and new benefits not presently offered,” Bill Lochner, chairman of WFCU’s board, told the Finger Lakes Times.
FLFCU President and CEO Bob McFadden told the publication all members will benefit from the merger.
“We are excited for this opportunity to combine our strengths and expand the credit union’s branch footprint in Monroe County with two offices,” said McFadden, whose father was the founder and first president of FLFCU. “The merger complements our long-term growth strategy to better serve our members who live and work throughout the greater Finger Lakes Region.”
Increased Marketing Efforts
Lochner told the Finger Lakes Times the merger will allow Webster FCU to increase its marketing efforts while embracing new technologies and more sophisticated security.
“The merger will trigger a tremendous investment to help us become much more competitive,” he said. “Members will continue to enjoy our great rates and more products to enhance their banking experience. We are particularly excited to be able to offer mortgage loans across Monroe County, as well as gaining several new office locations including a Fairport location in addition to our office in Webster.”