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The $2.8 billion Hudson Valley Federal Credit Union of Poughkeepsie, N.Y., expects to complete a merger of the ailing, $50 million Putnam FCU of Carmel by July 1, the credit unions have announced.

Sal Gambino ,the CEO of Putnam FCU, acknowledged the CU’s board felt pursuing a merger now would be both “in the best interest of serving our members with a broader product line” as well as a reflection of conditions impacting small CUs in New York state.

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