Sunday, April 26, 2020

Two FCUs to Switch to NY State Charters, Then Merge with Sunmark

Two federal credit unions have filed applications with the New York Department of Financial Services to convert to state charters. Upon converting to New York state-chartered credit unions, both credit unions will subsequently merge with Sunmark Credit Union (Latham, NY).

Hudson River Financial Federal Credit Union (Mohegan Lake, NY) on April 21 applied to convert to a New York state-chartered credit union under the name of Hudson River Financial Credit Union.

Columbia-Greene Federal Credit Union (Hudson, NY) also on April 21 applied to switch to a New York state-chartered credit union under the name of Columbia-Greene Credit Union.

Hudson River Financial FCU has $64.3 million in assets and Columbia-Greene FCU had $31.2 million in assets at the end of 2019.

The mergers would create an almost $840 million institution.

Read the Weekly Banking Bulletin.

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