SCHENECTADY, NY –Members of credit unions in two states have voted in favor of mergers.
In New York, members of Mohawk Progressive FCU have voted in favor of merging into the $472-million First New York Federal Credit Union, which is headquartered about 20 miles away in Albany, N.Y.
The official transition of Mohawk Progressive members into First New York will occur Mid-April of this year, the credit union said.
First New York has more than 36,000 members, and reported $4.44 million in net income and capital of 8.59% at year-end 2023. The 1,081-member Mohawk Progressive closed the year with $120,004 in net income and capital of 8.59%.
‘Open Eyes and Ears’
“We welcome Mohawk Progressive members into our credit union with open arms and open ears,” said First New York President and CEO Lucy Halstead. “We will continue Mohawk’s great tradition of exceptional service through the transition, and into the future.”
Added Mohawk Progressive CEO Carole Graver, “We sought First New York out as a partner for this merger. Our members are used to a high level of service, and that’s something both credit unions have always had in common.”
Mohawk Progressive’s branch at 1760 State Street in Schenectady will continue to run normally and Mohawk Progressive personnel will become part of First New York.
About the Credit Unions
Mohawk Progressive Federal Credit Union was chartered in 1935 as the New York Power and Light Schenectady District Employees FCU. In 1955 it was renamed to NMP Schenectady District Employees FCU, and became Mohawk Progressive Federal Credit Union in 1996.
First New York was chartered in 1937 as Schenectady Teachers FCU to serve employees of the Schenectady City School District. In 1994, it became First Teacher’s FCU, changing to First New York in 2004. This is the fourth merger in First New York’s history, the last coming with the former Saratoga Springs FCU in 2006, the credit union said.
Merger that Crosses State Lines Approved by Members
Separately, members of the $147-million GOLD Credit Union in Allentown, Penn. have approved a merger with the $3.8-billion United FCU in St. Joseph, Mich. The two credit unions, which are approximately 675 miles apart, announced their plans to combine in November 2023, and regulators approved the merger in December 2023.
GOLD CU closed 2023 with a loss of $1.548 million and capital of 8.17%. United FCU had $29.7 million in net income and capital of 11.18% as of the same date.
GOLD’s two locations in Allentown will remain open, operating as a division of United. All employees will be retained, including current GOLD CEO, Cheryl Bartholomew, who will serve as Community President for United in Pennsylvania.
‘Great Impact’
“Joining United Federal Credit Union is going to have a great impact on the financial futures of our members as they’ll soon have access to the products and services they have been asking for over the years,” said Bartholomew. “I am looking forward to the evolution of our commitment to supporting the Lehigh Valley as United Federal Credit Union, while maintaining the same values, resources, talent, and community spirit this area has come to expect from GOLD.”
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?