WATERTOWN, N.Y.–Two New York-based credit unions have announced plans to merge.
The $4.4-million United Neighbors CU, which has approximately 934 members, said its member have approved a merger into the $730-million SeaComm FCU in Messena, N.Y., which has approximately 50,000 members.
United Neighbors has one branch, on Coffeen St. in Watertown. SeaComm has eight branches with an FOM to serve St. Lawrence, Franklin, Essex, Clinton, Jefferson and Lewis counties in New York, and Grand Isle, Franklin and Chittenden counties in Vermont.
“This merger will give our members more products than we, on our own, will ever have the ability to give them. As a small credit union we praise ourselves on a warm and inviting business where our members are not just an account number but a part of our Credit Union family,” said Leslie Bush, manager/CEO. “SeaComm Federal Credit Union has a very similar philosophy and I am looking forward to growing our membership and being part of an amazing place for people to carry out all their financial needs.”
United Neighbors said its members will access to a wider variety of products, services, ATMs and more as a result of the merger.
‘Aligned’ Values
“We are very excited to have United Neighbors FCU become a part of SeaComm. This member-focused credit union’s mission and values are succinctly aligned with ours and will only be strengthened as we move forward together,” stated Scott A. Wilson, SeaComm president & Chief Executive Officer. “We are so pleased that the United Neighbors staff will remain with us and continue to take care of the members.”
At the end of 2020, United Neighbors reported net income of $86,655 and net worth of 6.49%. SeaComm closed the year with net income of $6.053 million and net worth of 14.25%.
The effective date of the merger will be April 12.