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Visions FCU to merge with Progressive Neighborhood FCU
ENDICOTT, N.Y. (5/28/10)--Visions FCU, Endicott, N.Y., will merge with Progressive Neighborhood FCU, Rochester, N.Y., June 1. Progressive has two branches--one is a main office and the other is an in-school branch. Both will be known as Visions after the merger, Frank Berrish, Visions president/CEO, told News Now. The National Credit Union Administration approached Visions about the merger with Progressive because Progressive is in a negative capital position (Press & Sun-Bulletin May 27). Berrish said Progressive is a community development credit union that focuses on serving low-wealth individuals. The credit union relied on grant money to serve members, and many of the grants have since dried up. The two credit unions have discussed merging since March. “Progressive is an inner city credit union that works with the poor and disadvantaged,” Berrish said. “We [Visions] will continue that mission with them.” Visions has 23 branches in Pennsylvania and New York, and 24,000 members. The credit union has $2.5 billion in assets. Progressive has 2,400 members and more than $2 million in assets.


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