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)