RYE, N.Y. -- USAlliance FCU has acquired a branch in New York’s Harlem neighborhood with the merger of El Barrio FCU, a troubled $1 million credit union.
El Barrio, a community fixture in the Spanish Harlem neighborhood, initiated a search several months ago for potential merger partners.
For the $800 million USAlliance, based in suburban Rye, N.Y., the merger represents an opportunity to expand its presence in New York City. USAlliance currently has one branch in New York City, adjacent to Madison Square Garden.
“This merger with El Barrio now gives us a foothold in one of the fastest growing sections of New York,” said Kris VanBeek, president of USAlliance. “El Barrio is more than just a financial institution in this neighborhood; it’s a neighborhood institution. It has a real and well-established presence, one that USAlliance is committed to preserving.”