CUs in New York, Illinois amend charters
Northern Federal Credit Union’s members have voted to change the CU froma federal charter to a state charter. As such, the CU will now become a New York state-charted credit union called Northern Credit Union, under the regulation of the New York State Department of Financial Services.
Based in Watertown, N.Y., the credit union has about $251 million in assets and more than 30,000 members.
“We believe this comes with the opportunity to serve our membership more effectively allowing us to serve a larger community, be more involved with regulators who affect changes relating to financial institutions, provide the ability to increase member convenience, and help maintain our commitment to local decision-making,” the credit union stated.
According to its application with the DFS, the charger change is linked to a desire by the credit union to expand its field of membership, such that its purview will now include Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga and Madison counties.
The credit union also assured its membership that its charter change does not indicate an imminent merger. “We are extremely well-positioned and strong, with no intention to merge under another credit union or convert to a bank,” the credit union said.
The credit union posted net income of about $642,000 in the first half of 2018, after recording net income of about $1.2 million in calendar 2017.
Separately, Gale Credit Union, a $27 million institution based in Galesburg, Ill., unveiled a new community charter under which it will accept for membership anyone who lives or works in Knox, Warren, Henderson, Mercer, Henry and Stark County.
Gale CU posted net income of about $114,000 for the first six months of 2018, after recording a net loss of about $356,000 in 2017.