With an eye on expanding small business and consumer lending, the $221 million North Jersey Federal Credit Union this month formally opened a branch in Garfield following its merger of the $11 million South Bergen Credit Union.
Lourdes Cortez, president/CEO of North Jersey, said the merger made effective Jan. 1 and which had been under discussion since last year permits the Totowa-based credit union to reach out to 33 SEG groups that were serviced by South Bergen. The consolidated credit union now has five branches and approximately 32,000 members.
“Our merger with South Bergen does reflect the burdens placed on smaller credit unions in our state who find themselves strapped for income and can’t afford compliance costs,” said Cortez. North Jersey will be able to expand its product menu to reach the 3,000 former members of South Bergen.
The South Bergen merger is North Jersey’s second since last June’s consolidation of the $1 million St. James AME FCU of Newark in a purchase/assumption deal arranged by the NCUA.