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News Now

CU System
Rutgers U StudentAlumni CU to close May 20
NEW BRUNSWICK, N.J. (4/22/11)--The Rutgers University Student and Alumni FCU will close on the campus on May 20, less than a year after its merger with Affinity FCU, Basking Ridge, N.J. The university’s Department of Student Life has determined that the credit union would be violating the terms of its lease to stay in the student center in the wake of the merger The Daily TargumApril 20). The Newark and Camden campus locations of Rutgers University Student and Alumni FCU, also under the Affinity brand, will remain open. Another credit union serving the Rutgers community, Rutgers FCU, has applied to the National Credit Union Administration (NCUA) to change its bylaws to add Rutgers students and alumni to its eligible membership. Rutgers FCU serves university employees. The NCUA approved Rutgers University Student and Alumni FCU-Affinity FCU merger in June. At that time, NCUA said the nearly $3.5 million Rutgers was struggling and in “poor financial condition” News Now July 20, 2010). The university is surveying students on how to use the credit union space. If students want a credit union there, Affinity would have the right to offer a bid, the university said.


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