HAUPPAUGE, N.Y.– Island Federal Credit Union said NCUA has approved its merger with Brooklyn-based Bay Ridge FCU and that the combination will be official on Oct. 1.
The completed, the merged institution will have $1.6 billion in assets and approximately 50,000 members across Long Island and Brooklyn.
"Throughout its 63-year history, Island Federal's guiding principle has been delivering member-focused products and services through outstanding member service,” said Bret W. Sears, president and CEO of Island FCU. “This total commitment to our membership and focus on their financial well-being has led to strategic decisions that are always made in our members' long-term interests. Island Federal is eager to continue Bay Ridge's excellent member service and provide their membership with the great value of an expanded menu of products. We are also excited to be able to offer greater credit union access to our membership, particularly those living and working in Brooklyn."
Bay Ridge's Brooklyn headquarters and branch at 1750 86th Street will become Island's 10th location on Oct. 1.
"We're thrilled to become part of Island Federal, which is one of the best performing credit unions in New York State,” said Anthony Grigos, CEO of Bay Ridge. “We offer nearly 150 years of combined experience and commitment to our respective communities, and together will be able to provide enhanced products, services and conveniences to our members. I look forward to the coming years with excitement as we continue to enhance people's lives through meaningful financial services."