The board of directors at Webster Federal Credit Union and Finger Lakes Federal Credit Union recently announced their intent to merge the two entities.
Webster FCU will retain its name and operate as a division of Finger Lakes. The merger proposal will go to Webster FCU members for an official vote later this year. It is subject to approval from a federal regulator and is expected to be completed in the fourth quarter of 2020.
The merger will create one credit union serving Monroe, Ontario, Seneca and Yates counties with a combined 22,000 members and assets of $212 million.
Bill Lochner, chairman of the Webster FCU board, said, “Webster will retain its name, all staff members, the current location and hours, while providing new products, new reward features and new benefits not presently offered. We will now be in a position to increase our marketing efforts while embracing new technologies and more sophisticated security. The merger will trigger a tremendous investment to help us become much more competitive. Members will continue to enjoy our great rates and more products to enhance their banking experience. We are particularly excited to be able to offer mortgage loans across Monroe County, as well as gaining several new office locations including a Fairport location in addition to our office in Webster.”
“We searched for a credit union with a strong commitment to providing exceptional service while delivering incredible value to its members,” said Brian Natale, vice chairman of the Webster board. “We’re confident that Finger Lakes FCU will offer our members that with the same culture of great care they are known for.”
Bob McFadden, president and CEO of Finger Lakes FCU, pointed out all members will benefit from the merger.
“We are excited for this opportunity to combine our strengths and expand the credit union’s branch footprint in Monroe County with two offices,” he said. “The merger complements our long-term growth strategy to better serve our members who live and work throughout the greater Finger Lakes region.”
“We enthusiastically welcome Webster Federal Credit Union members to our credit union family,” said Bob Stivers, chairman of the Finger Lakes FCU board. “By preserving Webster’s name, heritage and staff, we will work together to strengthen and boost Webster FCU in a very competitive marketplace. We are absolutely confident this will be a win-win situation for all of our members.”