Empower Federal Credit Union on Wednesday said it has completed the acquisition of $46 million FocalPoint Federal Credit Union.
Both FocalPoint FCU and $1.3 billion Empower FCU are based in Syracuse, N.Y.
Empower said the merger includes one former FocalPoint branch in Syracuse and three in Canandaigua, N.Y., bringing Empower's total number of branch locations to 24. FocalPoint's 6,100 members now are members of Empower, raising the merged entity's total membership to more than 160,000.
The merger became official on Jan. 1. The two CUs said new members will enjoy access to more products and services. Empower has staff that visit credit union member companies with educational presentations.
"This relationship will provide more services for FocalPoint's members and three additional locations for existing Empower members," Jim Reynolds, senior vice president of operations for Empower, said in a statement. "Former FocalPoint members also will experience an expanded branch network and more loan options."
Bonus Dividend
On Wednesday Empower FCU also announced a $3.25 million "give-back" for 2015. The credit union said it paid $3.25 million in bonus dividends and interest rebates to reward Empower members for a successful year.
Empower noted it has done a "give-back" for eight consecutive years, returning a total of $20.75 million to its members. It said the amount each member receives represents a percentage on savings account dividends earned and a rebate on loan interest paid throughout the year.
John D. Wakefield, president and CEO of Empower, reported "strong" financial performance in 2015 contributed to an increase in the amount compared to previous years.
"This year was marked with many projects, enhancements and the merger with FocalPoint FCU. The changes that were implemented in 2015 will assist us in meeting the digital access needs of our members," Wakefield said. "The give-back is a way of sharing Empower's success with its members, and a way to thank them for their membership."
Members who were active in the credit union received their bonus dividend and interest rebate on Dec. 31, 2015.
Empower Federal Credit Union serves members in Central New York and eight counties in New York State: Onondaga, Oswego, Erie, Broome, Montgomery, Oneida, Chemung and Westchester.
