Ground Zero CU Is Merging
The credit union serving the now-closed hospital with the trauma center nearest to Ground Zero is now shutting down.
The $8.5 million St. Vincent’s Employees Federal Credit Union in New York City will be merging into the $256 million, 17,000-member McGraw-Hill Federal Credit Union in East Windsor, N.J.
The 1,300-member St. Vincent’s Employees FCU primarily served St. Vincent’s Hospital, which shut down last year after a 161-year history that included serving as the primary admitting hospital after the Sept. 11, 2011, attacks on the World Trade Center.
“During this national disaster, employees of the credit union worked around the clock to ensure money was available to members and worked side-by-side with hospital employees volunteering in many capacities. The tragedy deepened an already strong bond between St. Vincent's Employees FCU and its members–one that made the 2010 closing of Saint Vincent's hospital painful for both members and credit union personnel,” McGraw-Hill FCU said in the merger announcement.
Two longtime employees of St. Vincent’s Employees FCU–former CEO Arlene Bernard and Norma Carrasquillo–will join McGraw-Hill FCU as business development executive and branch administrator, respectively, “thus providing continuity to existing members,” the announcement said.
"St. Vincent's Employees Federal Credit Union is rich with history and has been committed to supporting the financial needs of its members since its inception. McGraw-Hill Federal Credit Union looks forward to continuing this commitment to service by introducing these members to financial solutions that, until now, were not available to them," said Shawn Gilfedder, president/CEO of McGraw Hill FCU.
The transition of accounts is expected to be complete by Sept. 1.
Bernard said she “anticipates members will view this merger as a celebration of what we created between members and employees at Saint Vincent's hospital. Now, because of the merger with McGraw-Hill Federal Credit Union, it will live on."