The $19 million Greater Norwalk Area Credit Union of Norwalk, Conn., has merged into the $74 million NEA Federal Credit Union of Bardonia, N.Y.
The merger, effective Dec. 31, is undergoing the conversion process that is expected to be completed within five to six months, the credit union said.
NEA FCU continues to operate GNACU’s Norwalk branch, providing NEAFCU with its second Connecticut branch. NEAFCU operates five New York branches in Rockland, White Plains, Greenburgh, Montrose and Tarrytown.
Howard S. Elkin, former GNACU CEO/president, will be vice president of operations for NEA, and other GNACU employees will continue working for the newly merged credit union that now manages $93 million in assets and serves 16,300 members, NEA FCU said.
The merger has been approved by NCUA and the Connecticut’s Department of Banking, according to NEA.