PARSIPPANY, N.J. — Tiny Essex Division Telephone Federal Credit Union of Maplewood, N.J., with just $8.4 million in assets, is merging into $292 million Garden Savings Federal Credit Union, headquartered here, effective May 31.
EDT FCU, chartered in 1964, has 2,000 members. Though it was still considered well capitalized with a net worth ratio of 8.76%, the CU lost $243,325 in 2013 and had reported an annual net loss for eight consecutive years.
Garden Savings FCU currently has more than 24,000 members from 100-plus select employer groups, including Alcatel-Lucent and Honeywell. Garden Savings FCU was chartered in 1968. With a net worth ratio of 10.24%, the CU reported $4.5 million in net income after assessments in 2013.
As a result of the merger, Garden Savings Federal Credit Union will have full-service branches in six New Jersey locations, including Parsippany and Maplewood.
