PERU, N.Y. —Members of Mountain Valley FCU in northeastern New York, where capital had declined to close to 7%, have voted to merge into AmeriCU Credit Union, which is headquartered approximately 177 miles away in Rome, N.Y.
AmeriCU said the merger will allow MVFCU to expand access to services, expertise, and branch locations for members and businesses across the Northern and Central New York regions.
The merger is still pending approval by the New York State Department of Financial Services. Once approved, it is expected to be finalized by year-end.
Mid-Year Loss
As the CU Daily reported as part of an earlier round-up of mergers, at the time the merger was announced Mountain Valley had $56.9-million in assets and approximately 4,600 members. Mountain Valley posted a loss of $533,172 as of midyear, with net worth of 7.2%.
The combined credit union will have more than 180,000 members across 24 counties, with 25 locations and combined assets of $2.8 billion.
Branches to Remain Open
Mountain Valley’s four branch locations – all in Clinton and Essex counties – will become AmeriCU branches and make up AmeriCU’s Mountain Valley region, according to AmeriCU. All Mountain Valley employees have been offered the chance to continue working for the combined organization.
Ron Belle, president & CEO of AmeriCU Credit Union, will lead the merged organization, while Mountain Valley CEO Maggie Pope will become assistant vice president for community engagement in AmeriCU’s newly developed Mountain Valley Region, according to the organizations.
‘Dad Would be Proud’
“My dad would be so proud,” Kathleen Roach, president of Mountain Valley board said in a statement, referring to John Roach, who founded the credit union in 1963.
