Teachers Federal Credit Union, a $6.1 billion institution based in Hauppauge, N.Y., has acquired Projector Federal Credit Union, a credit union for employees of Nikon USA based in Melville, N.Y.
According to PFCU’s board president Karen Gerold, the board sought a credit union merger partner with a “strong commitment to providing high value for its members” and found this in TFCU.
PFCU has about 110 members and $641,000 in assets.
PFCU posted a net loss $939 in the first quarter of 2018, after recording net income of $466 in calendar 2017.
“TFCU is a credit union that understands the needs of its members and offers quality banking and financial products,” stated Teachers Federal President and CEO Robert G. Allen. “We are committed to customer service and welcome the members of PFCU to our credit union. These new members will immediately be able to experience our comprehensive service offerings, including online and mobile banking services.”
Allen added that TFCU is working with Projector Federal’s management to “ensure the seamless transition for all new members.”
TFCU posted net income of about $17.6 million in the first half of 2018, after recording net income of about $40.5 million in calendar 2017.