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News Now

CU System
Rutgers University-based CUs discuss merger
NEW BRUNSWICK, N.J. (11/16/09)--Two credit unions that serve the Rutgers University campus are discussing a possible merger. A merger between University Student and Alumni FCU and Rutgers FCU would provide “tremendous economies [of scale],” Rutgers FCU CEO Howard Elkin told News Now. Rutgers FCU has $71 million in assets and Rutgers University Student and Alumni FCU has $3 million in assets. The credit unions are located within three blocks of each other on campus, but serve different memberships. Rutgers University Student and Alumni FCU serves students and alumni of Rutgers. Rutgers FCU serves faculty. Combining the two “makes sense,” Elkin said. The Daily Targum, Rutgers’ student newspaper, reported Thursday that an employee and member of Rutgers University Student and Alumni FCU had filed a lawsuit against the student credit union’s board of directors, which had voted and agreed to propose a merger with Rutgers FCU. The merger would not have students’ interest in mind, the newspaper said. Rutgers FCU said it is open to discussing a merger despite the lawsuit. “We’re still willing to merge when [Rutgers University Student and Alumni FCU] resolve their issues,” Elkin said. University Student and Alumni FCU had not responded to News Now’s request for information by press time.


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