Merger of Marcy CU into bank finalized

SYRACUSE, N.Y. (1/24/07)--The merger of Marcy (N.Y.) FCU into Beacon Federal Savings Bank has been finalized, making Marcy the third credit union to merge into the thrift.

The merger was set into motion last summer when $24 million asset Marcy applied to the Office of Thrift Supervision (OTS) for mutual savings status so it could merge with Beacon Federal, based in Syracuse. The merger became official Jan. 2 (The Post Standard/Herald-Journal Jan. 20).

Beacon is the former Beacon FCU, which represented employees of Carrier Corp. It converted to a bank charter in 1999 with $179 million in assets at the time (News Now Aug. 17, 2006).

In 2000, Caney Fork Cooperative CU, a $300,000 asset credit union in McMinnville, Tenn., merged with Beacon Federal, becoming the first credit union to merge with a mutual savings bank. It merged as an alternative to liquidation.

In 2003, Beacon Federal merged with $8.6 million asset Salt City Hospitals FCU after that credit union became a mutual savings institution.

Today, Beacon Federal has $600 million in assets and branches in four states. (CUNA News Now)