Merger Disqualifies Affinity FCU From On-Campus Presence
NEW BRUNSWICK, N.J. – Affinity FCU, which acquired troubled Rutgers University Student and Alumni FCU last year, is searching for a new on-campus home after university officials said the merger violates its lease to stay in the student center.
Affinity, a $1.9 billion credit union based in nearby Basking Ridge, N.J., said it is searching for a new branch location at or near the Rutgers campus as its current lease expires May 31 and is not being renewed by the university.
“Rutgers is among the many important communities that Affinity serves,” said John Fenton, president of Affinity. “We have been aligned with Rutgers even prior to the university becoming part of our charter through the merger with RUSA and have long held a significant presence within the Rutgers community – 30% of Affinity’s 137,000 members are either Rutgers alumni or have children attending Rutgers University.”
“We are actively searching for a new branch location on or near campus, and we plan to continue to be actively engaged with and supportive of our Rutgers members,” said Fenton. “We are very proud to be able to serve the students and the alumni of Rutgers University.”
Affinity merged with the Rutgers credit union last June to help the struggling credit union, at the request of NCUA.