Suburban Family Becomes Branch
As part of its new merger agreement, the $15-million Suburban Family Credit Union will become a branch location of its new partner, Credit Union ONE. SFCU serves approximately 5,400 members.
Gary Moody, VP of strategic alliance and chief counsel for the $738-million Credit Union ONE said all employees of SFCU would continue to work in their present positions, with the exception of the assistant manager who was promoted to oversee the Farmington branch. He said the CU did not have a CEO at the time of the merger.
"It's unfortunate to see small credit unions faced with mergers or no longer existing," Moody said. "But, it's great to see larger credit unions that are willing to do a merger and do it the right way."