Suffolk Federal Credit Union, a $1.1 billion institution based in Medford, N.Y., has merged with $19.6 million Long Island Community Federal Credit Union of Port Jefferson, N.Y.
As a result of the merger, which took effect July 1, Long Island Community FCU will henceforth transfer its assets and liabilities to Suffolk FCU, and all former members of Long Island Community FCU will become members of Suffolk FCU.
Including the former Long Island Community FCU branch in Port Jefferson, Suffolk FCU now has ten branches across Suffolk County.
Long Island Community’s core system is expected to be converted by year-end.
“This strategic merger is a wonderful initiative for both financial institutions with similar values and will enable us to leverage and diversify our amenities to provide greater access to products and services for all members,” stated Ralph D. Spencer Jr., president and CEO of Suffolk FCU. “We look forward to providing outstanding and unparalleled opportunities to the members of Long Island Community Federal Credit Union and to welcoming them to the Suffolk Federal family.”
The current employees of Long Island Community FCU will be “incorporated” into the team at Suffolk FCU.
“We are excited about the merger with Suffolk Federal. We feel it is a great fit for our members -- we gain size, strength, better rates, and more access to funds throughout Long Island and beyond,” said Steven J. Coniglio, the recent board presiding officer at Long Island Community FCU. “We look forward to offering our members new and enhanced benefits and feel that joining forces with another credit union that embraces a similar business philosophy and truly values the same personal touch and commitment to the Long Island community which we do will be a win-win for all.”
Long Island Community FCU posted a net loss of about $140,000 in the first half of 2018, after recording net income of about $42,000 in 2017.
Meanwhile, Suffolk FCU recorded net income of about $3.34 million in the first half of 2018, after recording net income of about $2.46 million in 2017.