CHEEKTOWAGA, N.Y.–Two New York credit unions are proposing to merge.
The $82.9-million One Credit Union of New York and the $18.675 South Towns Community FCU in Lackawanna, N.Y., are seeking to combine, according to a notice published by the New York State Department of Financial Services.
The Department of Financial Services will accept public comments on the proposal through Sept. 18.
According to the Business Journal, One Credit Union CEO Jim Furman declined to comment until the deal is finalized. Representatives from South Towns Community Federal Credit Union could not be reached, the publication said.
The Numbers
One Credit Union reported $732,753 in net income at mid-year, with net worth of 11.29%. South Towns Community had $2,802 in net income and capital of 7.80% as of the same date.
Founded in 1933, One Credit Union formerly was known as Buffalo Service Credit Union until a name change last year. It has three locations — one in Cheektowaga and two in Buffalo.
The History
South Towns Community was chartered in 1967 and has one branch.
South Town's Community Federal Credit Union has one location, $18.7 million in assets and just over 2,000 members, making it too small to appear in Buffalo's annual list. It was founded in 1967.
Combined, the two CUs would have approximately 9,100 members.
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