RYE, N.Y. — PepsiCo Employees Federal Credit Union will merge into USAlliance Federal Credit Union, here, effective March 28.
PepsiCo EFCU will operate as a division under the USAlliance umbrella, the two CUs said Friday.
PepsiCo EFCU is headquartered in White Plains, N.Y. It has $35 million in assets and serves 3,567 members. Prior to the merger NCUA data said USAlliance FCU had $939 million in assets and 74,904 members.
USAlliance FCU said in a press release the merger is its sixth in 3 years, and puts the credit union over the $1 billion mark in assets.
USAlliance said the merger with PepsiCo EFCU represents an opportunity to "further expand its presence" in Westchester County, and to welcome "another prestigious employee group" into its fold. USAlliance noted its founding organization was IBM.
"We are thrilled to partner with PepsiCo EFCU," said Kris VanBeek, president and CEO of USAlliance. "We believe USAlliance can help make a difference for PepsiCo EFCU members through a broader product offering and additional delivery channels. Both institutions already share a similar service culture and USAlliance is well positioned to serve current and future PepsiCo EFCU members through our branch and ATM network.
"Most importantly," VanBeek continued, "USAlliance will take the lead on technology, administration, compliance, and back office operations allowing PepsiCo EFCU staff to do what they do best — serve members."
Simon Walton, chairman of the board of PepsiCo EFCU, said the majority of the credit union's employees would join USAlliance and continue to be the front-line service team for its members.
"I am delighted that PepsiCo EFCU has merged with USAlliance," Walton said. "It will be great to offer our 3,500 members access to a state of the art set of banking tools and the broader range of savings and loan products that USAlliance has to offer."
