Tiny New York credit union merges with Sunmark Federal
Delmar Owens Corning Fiberglass Federal Credit Union in Feura Bush, N.Y., has merged into Sunmark Federal Credit Union in Latham, N.Y.
The merger, which was effective on Saturday, will allow the $652 million-asset Sunmark to expand its reach by providing services to Delmar’s membership, Sunmark said on Monday. Delmar’s former location will be called the Sunmark Owens Corning branch and will only be accessible to Owens Corning employees.
“This merger is another milestone for Sunmark,” Frank DeGraw, Sunmark’s CEO, said in a statement. “We are not only able to add to our growth, but more importantly offer more financial services that resonate with the hard-working Delmar OCF employees looking to master their money and reach their aspirations.”
Founded in 1976, Delmar OCF served the employees of Delmar Owens Corning, which manufactures insulation, roofing and composite products. Delmar OCF had just $685,000 in assets and around 130 members.
Sunmark has operated since 1937 and serves over 57,000 members. Sunmark earned $4.4 million for the first nine months of the year, up about 26 percent for the same period a year earlier, according to its call report.
Delmar OCF lost $27,040 for the first three quarters of the year, according to its call report.