CAMDEN, N.J.–Two credit unions are reporting they have now completed mergers.
In New Jersey, the tiny, $433,000-Camden Police FCU, which had just 237 members, according to NCUA data, has now merged into the $490.3 million First Harvest CU in Deptford, N.J.
Camden Police reported $691 in net income and capital of 6.38% on its last 5300.
In announcing the combination, the credit union cited FHCU’s expanded services, 10 branches, online banking, tuition rewards and more as new benefits for members.
“We are thrilled to welcome the members of Camden Police Federal Credit Union to the First Harvest family,” said Ernest Huggard, president and CEO of First Harvest in a statement. “We have tremendous respect for first responders, and we look forward to offering the dedicated members of the Camden Police Department the money-saving products, outstanding benefits, and world-class service they deserve.”
First Harvest Credit Union was founded in 1940 as the Industrial Union of Marine and Shipbuilding Workers of America Federal Credit Union. It has more than 54,000 members.
Neither Rain, Nor Snow, Nor High Capital
Meanwhile, in Washington, D.C., the $2.5-million National Alliance of Postal and Federal Employees FCU (NAPFE FCU) said it has completed its merger into U.S. Postal Service FCU (USPS FCU).
NAPFCU reported a loss of $63,605 on its most recent 5300, with an extremely high capital ratio of 39.07%. In disclosure documents filed with NCUA related to the merger, NAPFE FCU said it will not be distributing any capital back to its 398 members, “Because of broader services in the loan, share and convenience line and what have in recent years been lower loan rates and higher dividend rates at the continuing credit union and a recognition of these factors by both boards led to no recommended adjustment in shares.”
It said no merger-related board/management compensation had been paid.
In those same disclosure documents it cited the “economic challenges and a declining membership base” as reasons for the merger.
“The NAPFE Federal Credit Union board of directors determined that in the best interest of the members and the organization, it should merge with a credit union that has all of the advantages that the younger generation is shopping for these days (mobile banking, ATMs, pay by phone, online payments, etc.),” said Jacquelyn Moore, the outgoing Chairman of the NAPFE FCU Supervisory Committee, in a letter to members.
‘Grateful for Opportunity’
Added Steve Cimino, president/CEO of the USPS FCU, “Our USPS FCU team is grateful to have the opportunity to serve the members of NAPFE FCU with a wide array of products and services along with convenient account access tools. We are also pleased to be able to preserve the roots of a postal affiliated credit union that has a history going back to 1977.”
USPS FCU reported it is working to make the merger a successful partnership by personally contacting members by phone and sending print and email onboarding campaign information to create greater awareness of the additional products and services NAPFE FCU members now have available.