Hauppauge, N.Y.-based Island Federal Credit Union is set to merge with Bay Ridge FCU of Brooklyn.
The National Credit Union Administration has already approved the deal, which will take effect Oct. 1.
Upon closing, Island FCU will have assets of $1.6 billion and almost 50,000 members.
Bay Ridge FCU's Brooklyn headquarters and branch will become Island FCU's tenth location.
"Total commitment to our membership and focus on their financial well-being has led to strategic decisions that are always made in our members' long-term interests," Island FCU President and CEO Bret W. Sears said in a statement. "Island Federal is eager to continue Bay Ridge's excellent member service and provide their membership with the great value of an expanded menu of products. We are also excited to be able to offer greater credit union access to our membership, particularly those living and working in Brooklyn."
Anthony Grigos, currently CEO of Bay Ridge, added: "We're thrilled to become part of Island Federal, which is one of the best performing credit unions in New York State.”
Sears told Credit Union Journal by email that “all of the Bay Ridge employees will retain their positions with Island.”
In addition, Sears said that Anthony Grigos, the current president/CEO of Bay Ridge, will become VP of commercial lending for Island.
Island FCU posted net income of about $2.9 million in the first half of 2018, after recording net income of about $6.8 million in 2017.
Meanwhile, Bay Ridge FCU incurred a net loss of about $4.9 million in the first half of 2018, after recording net loss of about $4.3 million in 2017.
