Bethpage Federal Credit Union announces that it has been approved by the National Credit Union Administration (NCUA) to merge with Jericho-based Northwell Health Federal Credit Union (Northwell FCU), effective close of business, Friday, May 19, 2017.
Bethpage Federal Credit Union will immediately assume all of Northwell Health Federal Credit Union’s members, assets and liabilities. Bethpage completed 2016 with $6.9 billion in assets and combined assets post-merger will be just over $7.4 billion. Bethpage Federal Credit Union is the 16th largest credit union in the nation and the largest in the Northeast region.
“Upon completion of the merger, Bethpage will proudly become the official credit union partner of the 14th largest health care system in the country, its 62,000 employees and the 17,000 credit union members,” said Wayne N. Grossé, BFCU president and CEO. “Bethpage has been serving employers and members of the Long Island community for over 75 years, including many Northwell Health employees. Now, with our expanded charter, Bethpage has the ability to serve Northwell Health and support its growing initiatives as we both continue to expand and improve the communities in which we serve.”
"While the Northwell Health Federal Credit Union has served our employees well for many years, we are very excited about the merger with Bethpage Federal Credit Union," said Joseph Moscola, senior vice president and chief people officer for Northwell Health. "Bethpage is a trusted financial partner and we believe the merger will allow us to further meet the needs of our employees, and the communities we serve."
Bethpage will service Northwell Health through its Bethpage at Work program, which helps employees manage their accounts and participate in financial seminars while onsite at their workplace. The Bethpage at Work program will be available to Northwell Health employees at 19 hospitals and office buildings, which will also house free Bethpage ATMs, providing members with easy access to their accounts whenever they need it.
“Through our expanded charter, Bethpage now has a growing footprint that very closely aligns with Northwell Health’s growing footprint. We look forward to serving Northwell Health and continuing a healthy partnership for many years to come,” continued Grossé.
Bethpage will also serve Northwell Health through its 35 proprietary branch locations, including its newest Chelsea, New York City branch. Its alignment with the COOP Shared Branch Network will also provide members access to their accounts at hundreds of shared credit union branches and surcharge-free ATMs throughout the Tri-State region, as well as thousands nationally. Plans for a new Bethpage Federal Credit Union branch located in the Lake Success area are also underway.
“Bethpage is an integral part of the region’s cultural, civic and social climate and Northwell Health shares the same strong commitment to the community and core values as Bethpage,” continued Grosse. “Together, we have an unwavering commitment that centers on the people we serve, our employees and our communities. We couldn’t be more pleased to be working hand in hand with the Northwell Health family.”
For 2016, Bethpage reported significant growth across all categories including record net income of $61 million, a 53% increase over 2015; deposit growth to $6 billion (a 9% increase); and asset growth to $6.9 billion, an 11% increase from 2015. Bethpage also funded $3 billion in loans in 2016, a 12% increase over 2015.
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About Bethpage Federal Credit Union
Bethpage Federal Credit Union is a premier community financial institution committed to enriching the lives of its members, employees and the communities it serves for the past 75 years. Bethpage is the largest credit union in the Northeast Region, as well as 16th in the nation. Bethpage is a federally chartered credit union open to everyone that opens a $5 minimum share account. As a financial cooperative, Bethpage offers the best-in market rates, low fees and world-class service, and a full menu of personal and commercial financial services.
On Long Island, Bethpage maintains branch locations in Albertson, Baldwin, Bay Shore, Bay Shore King Kullen, Bethpage, Centereach, Central Islip, Commack King Kullen, East Meadow NuHealth Medical Center, East Northport, Elmont, Farmingdale, Freeport, Glen Cove, Hempstead, Huntington, Levittown King Kullen, LIU Post (Brookville), Long Beach, Lynbrook, Massapequa, Melville, Mineola, North Babylon, Patchogue, Port Jefferson, Riverhead, Roosevelt, Seaford, Smithtown, Valley Stream King Kullen, West Babylon and Westbury. In New York City, Bethpage maintains a branch location at 111 W 26th Street. Bethpage also offers over 500 surcharge-free ATMs in King Kullen, CVS Pharmacy and Costco locations. For more information on Bethpage’s robust portfolio of banking, borrowing, and investment services, visit www.bethpagefcu.com or call 1-800-628-7070.
About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 22 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 62,000 employees – 15,000+ nurses and about 3,900 physicians, including more than 2,800 members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit Northwell.edu.
Audrey Cohen, Epoch 5 Public Relations
Jason Molinet, Northwell Health