After SEG deal, BCU and New Jersey institution set to combine

Bard Employees Federal Credit Union in New Providence, N.J., will merge into Baxter Credit Union in Vernon Hills, Ill.

A spokesman for the $10.8 million-asset Bard Employees FCU told CU Journal by email that its membership approved the proposed merger at a special meeting on April 15.

A notice on Bard Employees FCU’s website indicated that the merger arose from Becton, Dickinson and Co., a global medical technology firm, acquiring C. R. Bard in December 2017. Bard Employees FCU was originally chartered in 1976 to serve employees of C.R. Bard, which is also a medical technology company. Baxter currently serves Becton Dickinson employees.

The merger is scheduled to become effective on May 31.

Bard Employees FCU, which serves 1,100 members, posted a net loss of about $58,700 in 2018, after recording a net loss of about $311,600 in the prior year. The 2017 loss included a loan servicing expense of roughly $261,500. Bard Employees FCU also posted losses in 2015 and 2016.

The $3.5 billion-asset BCU recorded net income of about $34.9 million in 2018, a 23.9% increase over the prior year. It has more than 250,000 members.