LATHAM, N.Y.–The $1.23-billion Sunmark Credit Union and the $11.3-million Directors Choice Credit Union in Albany, which serves funeral directors, have entered into an agreement to merge. The two CUs are located less than 15 minutes apart.
Sunmark CU, which has 90,000 members, reported $11-million in net income through the year’s first nine months, with net worth of 9.86%. Directors Choice CU had $153,127 in net income and net worth of 25.39%. The credit unions have not yet filed any member disclosures with NCUA.
In a statement, the credit unions said that through the proposed merger DCCU members would gain access to Sunmark’s credit card offerings, mobile banking app and shared branching network, providing greater flexibility in how and where they manage their finances. Members would also benefit from the additional resources and financial services available through Sunmark.
“I am very excited to welcome the members and employees of Directors Choice Credit Union to Sunmark,” Sunmark President and CEO Jerilee Beaudoin said in a statement. “DCCU has a longstanding tradition of providing personalized banking services to individuals and businesses within the funeral service profession. We look forward to building on that tradition while providing members with expanded financial products, enhanced technology and greater banking convenience.”
‘Our Top Priority’
Added DCCU President Michael A. Lanotte, “Providing individualized financial services and support for funeral service professionals and their families has and continues to be our top priority. After careful evaluation of our strategic options, financial position, and long-term goals for providing member service, our Board of Directors approved a merger agreement with Sunmark Credit Union. This merger ensures members continue to receive both business and personal services essential for financial opportunity and growth. It also extends access to a variety of products and services not currently available through DCCU.”
A vote by DCCU members is scheduled for Dec. 21.
