WATERTOWN, N.Y. — The members of Countryside Federal Credit Union (FCU) are expected to vote on and approve a proposed merger with Watertown–based Northern Credit Union on Aug. 1. Countryside FCU is located at 5720 Commons Park Drive in DeWitt. The proposed combination “will be finalized in the fall following an anticipated positive vote” by […]
WATERTOWN, N.Y. — The members of Countryside Federal Credit Union (FCU) are expected to vote on and approve a proposed merger with Watertown–based Northern Credit Union on Aug. 1.
Countryside FCU is located at 5720 Commons Park Drive in DeWitt.
The proposed combination “will be finalized in the fall following an anticipated positive vote” by the Countryside membership, per a June 21 news release on the website of Northern Credit Union.
Both credit unions say they see their anticipated merger as one “that will result in greater financial advantages for the area communities served.” It would result in 10 offices in Northern and Central New York.
“This merger partnership will secure our long-term viability for our membership,” Ben Gasser, CEO of Countryside FCU, said in a statement.
The board of directors of each credit union, the National Credit Union Association (NCUA), and the New York State Department of Financial Services (DFS) have unanimously approved this partnership, according to merger details listed on both credit unions’ websites.
Northern Credit Union said it plans to retain the employees of both credit unions. As part of the transition, Countryside will convert to a state-chartered credit union. The Countryside name will be preserved, as a division of Northern Credit Union, per the release.
“When two healthy credit unions such as Northern and Countryside unite, it strengthens our ability to thrive and deliver better financial solutions to our member-owners,” Dan St. Hilaire, president and CEO of Northern Credit Union, contended.
St. Hilaire is set to lead the combined credit union along with the senior leadership team of both credit unions. Countryside’s Gasser is expected to stay on through the merger process and then “plans to pursue other career interests” after more than 11 years of service to the credit union.
Northern’s existing Watertown office will serve as the main office. The combined credit union will have more than $609 million in assets and serve more than 41,000 members.
About the credit unions
Northern Credit Union provides financial services to anyone who lives, works, worships, or regularly conducts business in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga, and Madison counties. It serves more than 36,000 members.
Countryside FCU offers financial services to anyone who lives, works, worships, or regularly conducts business in Onondaga County. Its only office is the DeWitt location. Countryside serves nearly 5,000 members and has more than
$167 million in assets.
Countryside has been serving members since 1941 when it was chartered as the GLF (Grange League Federation) Employee Federal Credit Union in Ithaca.
In 1964, following mergers within the agricultural community, it began to serve Agway employees. Two years later, GLF Federal Credit Union became Agway Employees Federal Credit Union.
In 1991, the credit union’s name was changed to Agway Federal Credit Union, a reflection that membership had expanded to the broader community and that most members were not Agway employees. In January 1995, the credit union separated from Agway Inc. and became Countryside Federal Credit Union, a “further reflection” of its expanded member base.