NEW YORK, Aug. 19, 2011 /PRNewswire/ -- Following a vote of its membership on August 18, St. Vincent's Employees Federal Credit Union (SVEFCU) has approved a merger with McGraw-Hill Federal Credit Union. As a result of the merger, St. Vincent's Employees FCU's 1,300 members will now have access to a significantly expanded product line, cutting-edge remote access technology, and a team of skilled member advocates dedicated to fostering financial wellness.
The merger announcement provides stability to what had been a turbulent year for employees of Saint Vincent's Hospital Manhattan. Although SVEFCU was an independent financial service provider, the employees of the hospital were its primary responsibility. After 161 years of operation, the healthcare facility shut its doors in 2010, impacting the organization's ability to grow. St. Vincent's Hospital had gained prominence as the primary admitting hospital to those injured in the September 11 attacks. During this national disaster, employees of the credit union worked around the clock to ensure money was available to members and worked side-by-side with hospital employees volunteering in many capacities. The tragedy deepened an already strong bond between St. Vincent's Employees FCU and its members – one that made the 2010 closing of Saint Vincent's hospital painful for both members and credit union personnel.
That's why it was imperative for the merger between the two credit unions to keep the bond between members and credit union staff intact. Not only will the merger provide members with a breadth of new products and services, but it will also allow members to maintain contact with familiar faces once the merger is complete. Arlene Bernard and Norma Carrasquillo, longstanding employees of St. Vincent's Employees FCU, will join McGraw-Hill Federal Credit Union's team as Business Development Executive and Branch Administrator, respectively, thus providing continuity to existing members.
According to Shawn Gilfedder, President and CEO of McGraw-Hill Federal Credit Union, his organization is committed to continuing a rich tradition of service, which has been a hallmark of St. Vincent's Employees FCU, while taking each member's financial experience to a whole new level.
"This merger unites two organizations that share a common mission of serving members. St. Vincent's Employees Federal Credit Union is rich with history and has been committed to supporting the financial needs of its members since its inception. McGraw-Hill Federal Credit Union looks forward to continuing this commitment to service by introducing these members to financial solutions that, until now, were not available to them," he added.
Enthusiasm for the merger was echoed by Joseph Davis, St. Vincent's Employees FCU president. "McGraw-Hill Federal Credit Union is a stable and financially-sound institution that shares our values and commitment to exceeding members' expectations," he emphasized. "This merger will provide members with a multitude of new products and services that they have asked for over the years. We know our members will be pleased with, and take advantage of, the new offerings that will now be available to them."
Both credit unions have worked to integrate the membership and ensure a seamless transition of accounts by September 1, 2011. Former St. Vincent's Employees FCU CEO Arlene Bernard anticipates members will view this merger as "a celebration of what we created between members and employees at Saint Vincent's hospital. Now, because of the merger with McGraw-Hill Federal Credit Union, it will live on."
St. Vincent's Employees FCU brings to McGraw-Hill Federal Credit Union 1,300 members and $8.5 million in assets. Following the completion of the merger, McGraw-Hill Federal Credit Union will have approximately 18,500 members and $267 million in total assets.
"I am delighted that this merger is with a credit union that shares our commitment to and passion for exceeding member expectations," Gilfedder explained.
About McGraw-Hill Federal Credit Union
McGraw-Hill Federal Credit Union, a member-owned cooperative, is a leading and progressive financial institution committed to members and the community at large through financial technology, financial education and literacy, and a consultative approach to banking. The credit union offers a full range of banking, investing and insurance services to more than 18,500 members worldwide and serves more than 120 companies. For more information, visit www.McGrawhillFCU.org or view a Welcome to St. Vincent's Employees FCU members at www.mcgrawhillfcu.org/welcome
SOURCE McGraw-Hill Federal Credit Union