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Three mergers announced in Pa. N.Y. and N.J.
MADISON, Wis. (8/22/11)--Three pairs of credit unions in Pennsylvania, New York and New Jersey announced plans for mergers late last week. Paragon FCU, a $330 million asset credit union in Montvale, N.J., will merge into Visions FCU, a $2.6 billion asset credit union based in Endicott, N.Y., effective within 90 days, the credit unions said Friday after receiving approval from the National Credit Union Administration. The combined credit union will have 29 branches in parts of New York, New Jersey and Pennsylvania, more than $2.9 billion in assets and more than 166,000 members. Visions President/CEO Frank E. Barrish noted the merger will expand the credit union's presence into northern New Jersey and that Paragon's branches complement Visions' current locations. He said Visions has been "an exceptional performing credit union. Despite challenging economic conditions, Visions has been able to perform at the highest levels." Paragon President/CEO John S. Fiore said the merger will provide members "with access to a significantly broader menu of products and services" as well as Visions' "robust delivery systems." In the second merger, $10.5 million St. Vincent's Employees FCU, New York City, will merge with $241.7 million asset McGraw-Hill FCU, based in East Windsor, N.J. The credit unions made the announcement Friday after St. Vincent's members approved the merger, which will be effective Sept. 1. The smaller credit union serves employees of St. Vincent's Hospital, which gained prominence as the primary admitting hospital to those injured in the Sept. 11 terrorist attacks. The credit union's employees worked round the clock to ensure money was available to members and worked side-by-side with hospital employees volunteering in many capacities. The hospital's closure in 2010 impacted the credit union's ability to grow, said a press release. The resulting combined credit union will have 18,500 members and $267 million in assets, said Shawn Gilfedder, McGraw-Hill FCU president/CEO. Arlene Bernard and Norma Carrasquillo, longstanding employees of St. Vincent's, will become McGraw-Hill's business development executive and branch administrator, respectively, to provide continuity to existing members. Franklin Mint FCU (FMFCU), Broomall, Pa., and Sentry FCU, Brookhaven, Pa., will officially merge during fourth quarter of 2011 and will keep Franklin Mint FCU as the name of the combined credit union, they announced Thursday. Members of Sentry FCU voted Wednesday to approve the merger. FMFCU currently has 32 branch locations and serves Crozer-Keystone Health System employees and families and more than 1,500 partnering organizations and communities. It has more than 70,000 members. After the merger is complete, it will have 33 locations and combined assets of more than $720 million.


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