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Mergers update in Florida New York
LAKELAND, Fla., and NIAGARA FALLS, N.Y. (9/11/12)--Members of two Florida credit unions last week approved mergers into a third credit union, while two Niagara Falls, N.Y.-based credit unions announced they plan to merge.

In Florida, members of Indian River FCU, Vero Beach, and Bay Pines (Fla.) FCU both voted in favor of a merger with the $1.65 billion asset, Lakeland-based MidFlorida CU. Of the votes cast, 84% of Indian River votes and 87% of Bay Pines votes were in favor of the merger (News-Sun Sept. 9).

Both credit unions began operating as a division of MidFlorida on Sept. 1, but the conversion of accounts will take place later.  The Indian River conversion is tentative scheduled for late 2012 or early 2013, while the Bay Pines conversion is slated for early 2013.

In New York, the boards of directors of two Niagara-area credit unions announced that Niagara County's FCU, with assets of $47 million and 9,500 members, will merge with the $77million asset Niagara's Choice FCU, effective Dec. 1 (WNYPapers.com Sept. 8).  Niagara's Choice serves nearly 13,000 members.

Combined assets of the surviving credit union will exceed 120 million and membership will total nearly 23,000 members.

Nancy Kasprzak-Whitmore, CEO of Niagara County's FCU, said Niagara Choice will promote the merger with "Niagara County's FCU is now Niagara's Choice."

Alfred Frosolone, CEO of Niagara's Choice FCU, said all employees are expected to remain with the credit union.

Two Niagara County's board members will join the existing board of Niagara's Choice, and two members of Niagara County's supervisory committee will join the same committee at Niagara's Choice.


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