Two Hudson Valley Credit Unions Merge

Two local credit unions received final approval to merge from the National Credit Union Administration. The Daily Freeman reports the decision allows Mid Hudson Valley Federal Credit Union to merge with Central Hudson Employees Federal Credit Union.

The merger is effective as of Sept. 1. The company will continue as Mid Hudson Valley Federal Credit Union. MHVFC president and CFO Wayne Winkler commented that the merger will strengthen both organizations amid increased regulation and difficult economic conditions.

It's been a busy 2016 for MHVFC. Earlier this year they merged with Bridgeway Federal Credit Union and assumed their $82 million in assets. Central Hudson FCU comes with a customer base of around 1,700 and $45 million in assets. They have town locations: one in Dutchess County and the other at Central Hudson Headquarters.

MHVFU was founded in 1963 as IBM Kingston's credit union. It wasn't until 2002 that they opened membership opportunities to local residents not on the IBM payroll. They currently have over 60,000 members.