Mid-Sized CUs In MergerMania
SYRACUSE, N.Y. - (06/16/06) In a merger of equals, PowerFCU and Empire FCU announced an agreement to merge Thursday, thefourth combination of two large credits in the past few weeks. Themerger a credit union with more than $600 million in assets and78,000 members, to be known as Empower FCU. Earlier this week,KeyPoint CU, in Santa Clara, Calif., announced it is merging withWest One FCU, in nearby Livermore, Calif., to produce an $800million credit union; while last week Hanscom FCU, in Bedford,Mass., said it is acquiring Milestone FCU, in nearby Burlington, tocreate a $550- million credit union; and Power One CU, in Miami,said it was combining with Pan Am Horizons FCU to make a $450million credit union. The Power FCU merger with Empire FCU muststill be approved by NCUA and members of both institutions. PowerFCU was established in 1939 by employees of Niagara Mohawk and hasalmost $300 million in assets. Empire FCU was established in 1950by the employees of the Syracuse office of the New York TelephoneCompany and also has about $300 million in assets.