Members of NBC (NY) Employees Federal Credit Union have approved a proposed merger into XCEL Federal Credit Union of Bloomfield, N.J.
XCEL said on Friday that the vote took place earlier in the week and that the merger is slated to become effective on April 1. At that time, the combined credit union will have more than $200 million in assets and more than 18,000 members.
The $170 million-asset XCEL said that all current employees of NBC will retain their jobs. In addition, Charles Young, CEO of NBC, will join XCEL as its chief operating officer.
The $32 million-asset NBC opened in July 1976 to serve NBC employees, retirees and their families. In October 1977, it merged with NABET Credit Union.
“We are committed to continue the rich tradition of member service which has been a hallmark of NBC (NY) EFCU,” Arlene Bernard, president and CEO of XCEL, said in a statement.
Based in New York, NBC posted net income of about $222,000 in 2018, an 11.3 percent decrease from the prior year.
Meanwhile, XCEL recorded a net loss of about $360,000 in 2018, compared with earning $333,000 in the prior year.
