MEDFORD, N.Y.–Two credit unions on Long Island have announced a merger. The $1-billion Suffolk Federal Credit Union said it is absorbing the $19.5-million Long Island Community FCU.
Regulators have signed off on the deal and the merger has been finalized.
The combined credit union will serve approximately 57,000 members and have 10 branches, including LICFCU’s branch in Port Jefferson, N.Y.
The conversion of the LICFCU core system is expected to be completed by year-end, SFCU said.
“This strategic merger is a wonderful initiative for both financial institutions with similar values and will enable us to leverage and diversify our amenities to provide greater access to products and services for all members,” said Ralph D. Spencer, Jr., president and CEO of Suffolk Federal, in a statement. “We look forward to providing outstanding and unparalleled opportunities to the members of Long Island Community Federal Credit Union and to welcoming them to the Suffolk Federal family.”
All LICFCU employees are joining Suffolk FCU.