GENEVA — The boards at Finger Lakes Federal Credit Union and Webster Federal Credit Union announced last week their intent to merge the two area credit unions.
Webster FCU will retain its name and operate as a division of Finger Lakes FCU. The merger proposal will go to members of Webster Federal Credit Union for an official vote later this year.
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 dollars.
“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,” said Bill Lochner, chairman of WFCU’s board of directors.
The merger is subject to approval from their federal regulator and is expected to be completed in the fourth quarter of 2020. Since both credit unions are deemed financially secure, the merger is considered strategic in nature.
FLFCU President and CEO Bob McFadden pointed out that all 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.”
Bob Stivers, chairman of the Finger Lakes FCU board of directors, said: “We enthusiastically welcome Webster Federal Credit Union members to our credit union family. By preserving Webster’s name, heritage, and staff, we will work together to strengthen and boost Webster FCU in a very competitive marketplace. We are absolutely confident this will be a win-win situation for all of our members.”
Lochner said the merger will allow Webster FCU to increase its marketing efforts while embracing new technologies and more sophisticated security.
“The merger will trigger a tremendous investment to help us become much more competitive,” he said. “Members will continue to enjoy our great rates and more products to enhance their banking experience. We are particularly excited to be able to offer mortgage loans across Monroe County, as well as gaining several new office locations including a Fairport location in addition to our office in Webster.”
“We searched for a credit union with a strong commitment to providing exceptional service while delivering incredible value to its members,” said Brian Natale, Webster FCU board vice-chairman. “We’re confident that Finger Lakes FCU will offer our members that with the same culture of great care they are known for.”