Mid-Hudson Valley Federal Credit Union, an $815-million institution based in Kingston, N.Y., said NCUA has approved its merger with Bridgeway Federal Credit Union, a $82-million entity based in Poughkeepsie, N.Y.
The merger was effective Jan. 31, with Mid-Hudson Valley as the surviving credit union, though integration of the core systems is still underway.
Prior to the merger, Bridgeway had about 11,000 members and three branch locations in Dutchess County including Poughkeepsie, LaGrange and Fishkill. Both credit unions have a community charter that serves Ulster, Dutchess and Orange Counties.
Bridgeway is also Community Development Financial Institution with a focus on serving underserved markets and low- to moderate-income members.
Mid-Hudson Valley (pre-merger) has almost 62,000 members.
Commenting on the increased frequency of mergers in the credit union movement, Wayne Winkler, Mid-Hudson Valley's president & CEO said: "smaller financial institutions are increasingly challenged by regulation and economic conditions. This merger aligns two strong, local organizations with common philosophies to provide the combined membership with tremendous value."
