PARSIPPANY and MORRISTOWN, N.J. (12/28/12)--Garden Savings FCU, headquartered in Parsippany, N.J., and nearby Morristown (N.J.) FCU announced plans to merge, effective Tuesday.
| Lou Vetere (left), president/CEO of Garden Savings FCU, shakes hands with Richard Myers, president/CEO of Morristown FCU, after the planned merger of the two credit unions was announced. (Photo provided by Garden Savings FCU)|
The credit unions will continue to operate under the name of Garden Savings FCU and operate full-service branches in Parsippany, Morristown, Newark, Dover and Murray Hill.
Garden Savings FCU, established in 1968, has more than $212 million in assets and more than 15,000 members from more than 100 sponsor employer groups, including Alcatel-Lucent.
Morristown FCU, established in 1953, has $65 million in assets with nearly 6,000 members primarily from its core sponsor group, Honeywell. The merger was approved by the Morristown FCU membership on Nov. 27, and signed and made official by both respective boards of directors on Saturday.
"This merger has the best interests of our members in mind for both the short and long term," said Richard Myers, president/CEO of Morristown FCU. "Both credit unions are based in Morris County and the resulting credit union will be diverse, flexible and dynamic."
"Morristown FCU has been a healthy, successful credit union for six decades," said Lou Vetere, Garden Savings president/ CEO. "To combine our products, services, locations and membership is an opportunity that will strengthen both credit unions in many ways."