Hudson Valley FCU Adds Two Branches With Deal For Troubled Putnam FCU
POUGHKEEPSIE, N.Y. – Hudson Valley FCU will acquire two branches in Carmel and Brewster through a merger announced yesterday with ailing Putnam FCU.
The Carmel-based Putnam, with $55 million in assets as recently as last year, reported losses of $545,000 for 2008 and $973,000 for 2009, and an $18,000 loss for the first quarter, while net worth declined to just 4.9% as of March 31.
The $2.8 billion Hudson Valley, a former IBM employees credit union, is one of the healthiest big credit unions in the country, reporting a $14.6 million net for 2009, even after an $18 million charge for the corporate credit union bailout, and a $3.8 million net for the first quarter and 9.2% net worth as of March 31.
The merger is scheduled to be completed July 1.