After Sharing CEO, NY CUs Merging; Small CU Merging Into MD CU

FAIRPORT, N.Y.––Four more credit unions have announced plans to merge into two separate CUs.

Finger Lakes CU

Nine months after announcing they would be sharing a CEO, two credit unions here have announced plans to merge. Fairport FCU and Finger Lakes FCU said they will put a merger proposal in front of members in November and, if approved, will complete the combination in December.

As reported here, in January Fairport Federal Credit Union has entered into an agreement with Finger Lakes Federal Credit Union to share Bob McFadden as president/CEO.

Under the merger plan, Fairport Federal Credit Union would retain its name while operating as a division of the Finger Lakes Federal Credit Union. 

The $42-million Fairport FCU has approximately 4,500 members. The $126.6-million Finger Lakes FCU has approximately 15,600 members and is based in Geneva, N.Y.

Small CU To Merge Into Maryland Credit Union

Educational Systems FCU

Separately, in Denton, Md., a small credit union here has announced plans to merge into a much larger CU. The $5.5-million CARCO FCU said it will merge into Greenbelt, Md.-based Educational Systems FCU. ESFCU has more than $1 billion in assets and approximately 85,500 members.

In a statement on its website, CARCO announced, “This partnership will greatly expand the services offered to our members and the employees of Caroline County Public Schools. We chose Educational Systems FCU because they share our core purpose of serving the education community, and by joining together we can dramatically broaden the product and service offerings to our 500 members.”

The website includes a list of a dozen services that will be available to CARCO members as part of the merger.

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Copyright Year: 2019
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