PARSIPPANY, N.J.— The $436-million Garden Savings FCU here plans to merge in $94-million Pinnacle FCU, headquartered in Parlin, NJ.
“By combining our resources and talent, Garden Savings FCU and Pinnacle FCU will provide an even broader range of products and services, an expanded market footprint now serving four New Jersey counties and six branches, and a fantastic banking experience for everyone involved,” said Dennis Fitzpatrick, president and CEO of Pinnacle. “All of the members will benefit.”
“These are two of New Jersey’s longest standing credit unions, both founded in the 1960s,” said Michael Powers, president and CEO of Garden Savings. “Completing this merger means that we can combine our strength and position ourselves for long-term success for years to come. These credit unions have shared values and numerous commonalities in our mission and vision to provide a great alternative to conventional banks.
“With branches now in Parsippany, Dover, Newark, South Orange, Parlin, and Brick, we believe our members will be better served and we also believe it will encourage new members to join the credit union,” continued Powers. “It may sound cliché, but this is truly a win-win scenario for everyone involved and we’re excited about the future, and adding Pinnacle’s 11,000 members into the Garden Savings FCU family.”
Both credit unions will operate independently under the Garden Savings FCU banner until the second quarter of 2025 when core systems are converted. At that time, rebranding efforts will begin, the organizations stated in a joint release.
Both credit unions showed negative net income in 2024. Pinnacle lost $127,385 through September of last year. Net worth is 7.92%, according to Call Report Data. Garden Savings lost $530,703 through September of 2024, net worth is 8.6%.