The $213 million, 15,600-member Garden Savings Federal Credit Union in Parsippany, N.J., and the $64 million, 5,700-member Morristown Federal Credit Union of Morristown, N.J., will merge effective Jan. 1, the credit unions said.
Garden Savings FCU will remain the name. The merger was approved by Morristown FCU members on Nov. 27 and signed by both credit unions’ boards on Dec. 22, the credit unions said.
Garden Savings serves more than 100 SEGs, including Alcatel-Lucent, while Morristown FCU’s primary sponsor group is Honeywell.
“The members of Morristown Federal Credit Union will be thrilled with the expanded product menu and additional locations that this merger will provide to them,” Richard Myers, Morristown FCU president/CEO, said in the announcement.
“This merger has the best interests of our members in mind for both the short and long term. Both credit unions are based in Morris County and the resulting credit union will be diverse, flexible and dynamic,” Myers said.
Lou Vetere, president/CEO of Garden Savings and current chair of the New Jersey Credit Union League, said, “Morristown FCU has been a healthy, successful credit union for six decades. To combine our products, services, locations and membership is an opportunity that will strengthen both credit unions in many ways. “