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News Now

CU System
NCUA OKs Rutgers studentalumni CU acquisition by Affinity
ARLINGTON, Va. (7/20/10)--The National Credit Union Administration (NCUA) has confirmed it approved a merger of Rutgers University Student and Alumni FCU (RUSA FCU), based in New Brunswick, N.J., into Affinity FCU of Basking Ridge, N.J. According to the agency's insurance report of activity, the merger was approved June 30 in Region II. The reason stated for the merger was that the nearly $3.5 million Rutgers was struggling and in "poor financial condition." Affinity FCU has nearly $2 billion in assets and nearly 135,000 members. RUSA FCU had 2,385 members. In November 2009, another credit union serving the Rutgers community, Rutgers FCU, said it and RUSA were considering a merger proposal to provide economies of scale. . Rutgers FCU serves faculty, while RUSA serves students and alumni of the Rutgers University system (News Now Nov. 16).


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