Empower Merging Providers in N.Y.
The $900 million Empower Federal Credit Union of Syracuse, N.Y., said Tuesday it expects to complete a merger of a competitor, the $10 million Providers FCU, by Jan. 1.
The merger, which has been in the talking stages for some time and has NCUA approval, was being effected "as a mutual benefit" to both CUs and is line with a trend impacting small CUs across New York and elsewhere, Empower said.
Providers "sought a way of offering a broader product and service menu and this is something we can provide," said John Wakefield, president/CEO of Empower.
Empower will be taking over Providers' single branch and by January the larger Syracuse CU will have 20 offices. Membership in Empower will rise to 97,000 including the 2,000 members of Providers.
Wakefield said his CU has no long-term ambitions to merge more New York CUs but remains on the NCUA list of potential acquirers.The Providers merger would be Empower's thirdin three years, he said.