CRANFORD, N.J. – What was once Synergy Federal Credit Union is now part of a publicly-traded banking holding company. Chartered as a CU in 1952, Synergy FCU converted to a mutual savings bank in 1998 and renamed itself Synergy Bank. Its holding company, Synergy Financial Group, Inc., went public Jan. 27th and is now traded on the NASDAQ under SYNF. The company raised approximately $70 million in its initial public offering. The issue of credit unions converting to mutual savings banks is a hot topic in the credit union industry right now, especially with the happenings at Columbia Community CU in Washington. So far of the 20-plus CUs that have converted to banks, only seven have gone the stock route. The conversion to a stock bank often draws the ire of credit union faithful because the former credit union directors and management can profit from the stock conversion.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.