Beacon Eschews Public Structure, Acquires Marcy

SYRACUSE, N.Y. - Beacon Federal Savings Bank, one of the first CUs to convert to a bank charter has never left its CU roots far behind and has yet to go public as other converts have done. The $600-million bank has used mergers with other CU converts as a growth strategy, most recently acquiring Marcy FCU, after the $20-million CU converted to mutual thrift just before the new year.

"Some credit unions merge with other credit unions; other credit union merge with us. There's no difference," said Darren Crossett, Beacon SVP, asserting the mutual structure allows them to retain their mutual heritage.