New Jersey credit unions get members' OK to move ahead with merger
Members of Hammonton, N.J.-based South Jersey Gas Employees Federal Credit Union have agreed to merge into Jersey Shore Federal Credit Union in Northfield, N.J.
The deal will be completed on June 1.
A letter announcing the proposed merger was sent to members of South Jersey Gas Employees FCU in early February, which included a voting ballot and a return envelope. As reported, the coronavirus is creating new hurdles for credit unions considering mergers.
Members of the $9.7 million-asset CU approved the deal on March 25.
"[B]oth employees of the South Jersey Gas Employees Federal Credit Union are excited to be part of our Jersey Shore family," Erna Laielli, marketing manager of Jersey Shore Federal Credit Union wrote in an e-mail.
James Burns will remain CEO of the $163 million-asset Jersey Shore FCU. One board member from South Jersey Gas Employees has joined Jersey Shore FCU's board.
South Jersey Gas Employees FCU served 941 members, according to its final call report for 2019. The same filing reflects that the credit union earned $78,921 last year, down 2.8% from 2018.
Recent data from the National Credit Union Administration shows New Jersey continues to be one of the nation's weaker states for credit union growth, though last year's merger of state leagues in Pennsylvania and New Jersey is aimed at improving that.