The Webster Federal Credit Union and Finger Lakes Federal Credit Union are planning to merge operations. The merger is expected to be completed in the fourth quarter of this year.
Under terms of the merger, Webster FCU will retain its name and operate as a division of Finger Lakes FCU. The proposal will go to members of Webster FCU for an official vote later this year, officials said. The merger is considered strategic in nature as both credit unions are deemed financially secure.
The merger will create one credit union serving Monroe, Ontario, Seneca and Yates counties with a combined 22,000 members and assets of $212 million.
“Webster will retain its name, all staff members, the current location and hours while providing new products, new reward features and new benefits not presently offered. We will now be in a position to increase our marketing efforts while embracing new technologies and more sophisticated security,” said Bill Lochner, Webster FCU’s board chairman in a statement. “The merger will trigger a tremendous investment to help us become much more competitive.”
Lochner said members will continue to enjoy the credit union’s great rates and more products to enhance their banking experience, including mortgage loans across Monroe County.
“We searched for a credit union with a strong commitment to providing exceptional service while delivering incredible value to its members,” said Brian Natale, board vice-chairman for Webster FCU. “We’re confident that Finger Lakes FCU will offer our members that with the same culture of great care they are known for.”
Finger Lakes FCU President and CEO Bob McFadden noted that members will benefit from the merger.
“We are excited for this opportunity to combine our strengths and expand the credit union’s branch footprint in Monroe County with two offices,” McFadden said. “The merger complements our long-term growth strategy to better serve our members who live and work throughout the greater Finger Lakes Region.”
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