POUGHKEEPSIE, N.Y. — Matteawan FCU has merged with Hudson Valley FCU, the two credit unions announced Tuesday.
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The $3.8 billion-asset HVFCU is set to absorb $24 million Matteawan, which serves just 2,200 members and showed a $9,422 loss last year. The smaller credit union has only $2.6 million in loans on the books, more than half of which is concentrated in unsecured credit card lending.
Hudson Valley is also set to absorb Matteawan's two branches today, and a core conversion is expected to take place Aug. 1.
Matteawan FCU was first chartered in 1935 and served a variety of SEG groups, including employees of the corrections department.
