The $17 million CWA Long Island Federal Credit Union in Ronkonkoma, N.Y. will merge with the $908 million Island Federal Credit Union in Hauppauge, N.Y. on June 30, the credit unions said.
“After a long search and consideration of a number of potential partners for the CWALIFCU, we knew that a merger with Island Federal Credit Union was the best option for our 4,200 members, as well as our employees,” Bill McClane, general manager of CWA (Communications Workers of America) Long Island Federal Credit Union, said in a prepared statement.
Like many small credit unions, CWA Long Island FCU has been struggling financially with declining loan and fee income over the past five years.
From 2008 to 2011, the credit union posted a total net income loss of $1.1 million, though it had a net income gain of $565,026 in 2012.
CWA Long Island FCU was chartered in 1977 and served the financial services needs of members of CWA local union chapters.