Purchase, NY (PRWEB) January 12, 2007
Quorum Federal Credit Union, the largest credit union in Westchester County, recently completed a merger with Avon Federal Credit Union. With the addition of Avon FCU's 2,200 members and $18 million in assets, Quorum now has 43,000 members and $560 million in assets.
The Avon merger is Quorum's fifth since June 2005. Previous merger partners were the Bronx VA Hospital FCU ($3 million in assets), NY Methodist FCU (less than $1 million in assets), Akzo FCU (less than $1 million in assets), and Triple A FCU ($3 million in assets).
"By merging with local credit unions, we can serve members in their own geographic area with a broader range of financial services," said Bruno Sementilli, CEO of Quorum. "Similar to banks, large credit unions offer members control over their finances and easy access to financial resources and services."
He referred to the merger as a win-win for both credit unions. Avon members have joined a larger credit union with expanded financial services. Quorum members benefit because a larger credit union is in a position to offer more competitive interest and loan rates and a greater number of convenient service locations.
"This merger is part of a consolidation trend that helps bring additional critical mass and better services to current and new members," Sementilli said.
A credit union is a cooperative financial institution that is owned by its members and does not have stockholders. As not-for-profit organizations, credit unions restore earnings to members in the form of competitive rates of return on deposit accounts and loans, and low fees. In this democratic model, each member is entitled to one vote and participation in annual meetings. An elected, all-volunteer board manages the assets, which are viewed as ownership shares and not as deposits.
Like many financial institutions, credit unions offer a vast array of products and services, such as savings and checking accounts, debit and credit cards, vehicle and mortgage loans, IRAs and more. Deposits in credit unions are fully insured up to at least $100,000 by the National Credit Union Share Insurance Fund.
Quorum Federal Credit Union is headquartered at 2 Manhattanville Road, Suite 401, Purchase, NY 10577. For additional information visit http://www.quorumfcu.org or call (800) 874-5544.
About Quorum Federal Credit Union:
With 43,000 members and $560 million in assets, Quorum Federal Credit Union is the largest credit union in Westchester County, New York, and is among the largest credit unions in the nation. Quorum, a full-service financial institution, currently serves companies of all sizes and has members in all 50 states. Managed by its members with an elected, all-volunteer board, Quorum (FCU) maintains high levels of service and makes decisions in its members' best interests.
Quorum was founded in 1934 as a company benefit for Kraft Foods employees. Formerly known as Kraft Foods Federal Credit Union, the company changed its name in 2005 to Quorum Federal Credit Union to better reflect its broad membership base.
Beth Weiss/Michael Dardano
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