NEW PROVIDENCE/SCOTCH PLAINS, N.J.–The $76-million Advanced Financial FCU and the $20-million United Financial Services FCU have announced plans to merge effective April 30.
In a statement, the credit unions said they are seeking to combine resources to create a larger yet "service driven and people friendly" community credit union serving members who live, work, worship or attend school, as well as businesses and other legal entities in Union County, N.J.
"We are jointly excited to bring together our two organizations with the shared mission of improving our members' financial lives," said Alan Feigenbaum, CEO of Advanced Financial FCU, in a statement.
Linda Farro Wood, CEO of United Financial Services FCU, added, "Advanced Financial is a good match for us sharing similar philosophies of 'people helping people'. This merger ensures long-term value for our members, employees and the communities we serve."
The combined credit unions continuing under the name of Advanced Financial Federal Credit Union will result in assets of about $95 million serving nearly 9,000 members.