ENDICOTT, N.Y. – Visions FCU, the $2.5 billion former IBM employees credit union, has agreed to acquire Progressive Neighborhood FCU and the failed community development credit union’s two Rochester branches.
The offices will be rebranded as Visions locations and Visions also will retain Progressive's employees.
Progressive, a one-time $3.1 million CDCU, reported a loss of $8,864 for the first quarter and negative net worth as its assets declined to $2 million. Progressive operates on $600,000 a year in grants from federal and state entities and other sponsoring groups.
The deal was engineered by NCUA which shopped for merger mates for the failed CDCU.
