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News Now

CU System
Two mergers announced
DEEPWATER, N.J. (11/28/11)--Two credit union mergers--one in New Jersey and one in Massachusetts--were recently announced.

Members of the Salem County Federal Employees FCU (SCFEFCU), based in Pennsville, N.J., voted unanimously at special meeting Oct. 26 in favor of a proposed merger with the $74 million asset Deepwater (N.J.) Industries FCU (New Jersey Credit Union Leagues' The Daily Exchange Nov. 23).

The merger was previously approved by the SCFEFCU board. SCFEFCU has $1.5 million in assets.

Also, $28 million asset Fitchburg (Mass.) Municipal Employees FCU, will merge into Webster First CU, a $562 million asset credit union based in Worcester, Mass. (telegram.com Nov. 23).

The merger, approved in September by the National Credit Union Administration (NCUA), will be finalized Nov. 30.

Fitchburg Municipal Employees FCU lost $84,503--according to NCUA call reports--during the first three quarters of 2011, the publication said.


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