Mid-Sized CUs In Merger Mania
In a merger of equals, Power FCU and Empire FCU have agreed to merge, the fourth combination of two large credits in the past few weeks.
The merger will create a credit union with more than $600 million in assets and 78,000 members, to be known as Empower Federal Credit Union.
News of the union came on the heels of several other like-sized mergers: KeyPoint CU, Santa Clara, Calif., with West One FCU, Livermore, Calif., to produce an $800 million credit union; Hanscom FCU, in Bedford, Mass., with Milestone FCU, Burlington, to create a $550-million credit union; and Power One CU, Miami, with Pan Am Horizons FCU to make a $450-million credit union.
The Power FCU merger with Empire FCU must still be approved by NCUA and members of both institutions.
Power FCU was established in 1939 by employees of Niagara Mohawk and has almost $300 million in assets. Empire FCU was established in 1950 by the employees of the Syracuse office of the New York Telephone Company and also has about $300 million in assets.