Sunmark FCU scoops up another tiny credit union
Price Chopper Employees Federal Credit Union in Schenectady, N.Y., has merged into Sunmark Federal Credit Union in Latham, N.Y.
Sunmark FCU said on Monday that the transaction was completed after Price Chopper Employees FCU members approved the transaction. The $21 million-asset Price Chopper Employees FCU’s staff will become employees of Sunmark and both of its branches will stay open.
Price Chopper Employees FCU’s CEO Dawn Donovan stated that as a small credit union, it was difficult for it to maintain compliance with increasing regulations.
“In addition, due to cost, we are unable to offer our members the technology and services that members deserve,” she added. “Our merger with Sunmark allows our members to have the products, services, personal service and technology they desire and deserve.”
Price Chopper Employees FCU was founded in 1981 by Golub Corp. as a benefit for employees of Price Chopper Supermarkets, which is owned by Golub.
“I am very excited to welcome the Price Chopper EFCU members and employees to Sunmark,” Sunmark CEO Frank DeGraw said in a statement.
This is the $662 million-asset Sunmark’s second merger in recent months. Delmar Owens Corning Fiberglass Federal Credit Union in Feura Bush, N.Y., merged into Sunmark in December.
Sunmark posted net income of about $6.1 million in 2018, an 18.4 percent increase over the prior year.
Price Chopper Employees FCU recorded net income of about $63,700 in 2018, after incurring a net loss of about $66,700 in the previous year.