Acting under an NCUA request, the $4.7 billion Bethpage FederalCredit Union said it expects to complete a Sept. 1 merger of theailing $5 million UFCW Local 342 FCU of Mineola, N.Y.
|The consolidation of the union-based credit union would be thefirst merger for 203,000-member Bethpage in five years “but fitswell into our expansion program as we look at other similaropportunities,” said Linda Armyn, senior vice president ofcorporate strategy at the big Long Island institution.
|The Mineola credit union, which has 2,000 members and oneoffice, is typical of some small credit unions which are strugglingin today's environment, said Armyn.
|Talks with NCUA and the UFCW board began more three months agoand “we're happy to help out when we can,” Armyn said, noting therewas no bidding process on the Mineola credit union.
|“We have made bids for others in the past and we will continueto do so,” said Armyn.
|Bethpage said it plans to close the small credit union's soleoffice but that current UFCW members will be offered more productsand services and the use of Bethpage's branches.
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