Bethpage Federal Credit Union has received approval from the National Credit Union Administration to merge with Northwell Health Federal Credit Union, effective as of close of business on May 19.
As a result of the merger, the Long Island-based Bethpage FCU will immediately assume all members, assets and liabilities of Northwell Health FCU, which is based in Jericho, N.Y., about nine miles away from Bethpage.
“Upon completion of the merger, Bethpage [FCU] will proudly become the official credit union partner of the 14th largest health care system in the country [Northwell Health], its 62,000 employees and the 17,000 credit union members,” Bethpage FCU President and CEO Wayne N. Grossé said in a statement.
Bethpage PCU, which currently has about $7 billion in assets, said it will have some $7.4 billion in assets post-merger.
The $118 million-asset Northwell Health FCU serves the employees of the Northwell Health, a healthcare network that includes 21 hospitals, mostly in the Long Island and New York City area.
Last year, Bethpage FCU inherited an open FOM when it merged with troubled Montauk CU, which was one of the few remaining credit unions with
“Bethpage has been serving employers and members of the Long Island community for over 75 years, including many Northwell Health employees,” Grossé added. “Now, with our expanded charter, Bethpage has the ability to serve Northwell Health and support its growing initiatives.”
Joseph Moscola, senior vice president and chief people officer for Northwell Health FCU, said the merger “will allow us to further meet the needs of our employees, and the communities we serve."
Jason Molinet, a spokesman for Northwell Health FCU stated that “most” Northwell employees have accepted an offer from Bethpage FCU, while “a few pursued other opportunities” or “decided not to go to” Bethpage.
In calendar 2016, Bethpage FCU posted net income of about $60.7 million, a big jump from $40.4 million in the prior year. Meanwhile, Northwell Health FCU incurred a loss of about $2.1 million in 2016, after generating net income of $210,000 in the prior year.
Bethpage FCU said it will service Northwell Health through its “Bethpage at Work” program, which helps employees manage their accounts and participate in financial seminars at their workplace. The Bethpage at Work program will be available to Northwell Health employees at 19 hospitals and office buildings, which will also house Bethpage FCU ATMs.
“Through our expanded charter, Bethpage now has a growing footprint that very closely aligns with Northwell Health’s growing footprint,” Grossé noted.
