NEW YORK. — Education Affiliates FCU's members have voted to approve the proposed merger with McGraw-Hill FCU in East Windsor, N.J.
"This merger brings together two organizations that share the same mission and purpose: supporting our members' financial health and wellness," Shawn Gilfedder, president and chief executive of McGraw-Hill FCU, said in a statement. "We look forward to sharing our vast financial products and resources with Education Affiliates FCU members."
Education Affiliates FCU has 3,779 members and more than $50 million in assets. With the completion of the merger, McGraw-Hill FCU will have 24,000 members and more than $353 million in total assets.
"We believe this merger is in the best interest of our members," Lorraine Stern, Education Affiliates FCU's board chairman, said in the statement. "It ensures our members will continue receiving the great services we already offer, and it provides many new financially attractive benefits."
The merger will give Education Affiliates FCU members access to 70,000 no-surcharge ATMs nationwide, 5,000 shared branch locations, an expanded range of low- and no-fee financial planning and debt consolidation services, and 24/7 remote account access technology. McGraw-Hill FCU will also continue to offer its no-cost financial education seminars and webinars promoting financial literacy and wellness.
