Niagara’s Choice Federal Credit Union and Niagara Falls Memorial Medical Center Federal Credit Union completed their merger, effective June 4, having received regulatory approval as well as approval by a majority vote of Memorial membership to merge into Niagara’s Choice.
Both institutions are based in Niagara Falls, N.Y.
The merger created a $190 million institution, serving 24,000 members throughout the Niagara region.
“On behalf of the board of directors and the executive management team, we are very excited about moving into the final phase of this merger and welcoming all of the Memorial credit union members to Niagara’s Choice,” said Niagara’s Choice CEO Dan Keleher in a statement. “On June 4th, all of Niagara’s Choice products and services will be available to the current members of Memorial credit union.”
The board of directors of Memorial stated: “This is a very exciting time for our credit union and the members it serves. We are able to expand services such as on-line banking, credit cards, debit cards and mobile app banking, etc. In addition, members will be able to do banking at six different locations.”
Niagara’s Choice FCU posted net income of about $1 million in 2017, up from about $689,000 in the prior year.
Meanwhile, Memorial recorded net income of about $63,000 last year, after incurring a loss of $335,000 in 2016.