Suffolk Federal, one of Suffolk County’s leading credit unions, and Long Island Community Federal Credit Union (LICFCU) approved a proposition to merge. This merger will align the two financial institutions to increase membership value and opportunities. It has been supported by the Board of Directors and membership of both credit unions and approved by the National Credit Union Administration (NCUA).
The merger has been finalized as of July 1, 2018, and LICFCU will now be transferring its assets and liabilities to Suffolk Federal. All members of LICFCU will become members of Suffolk Federal, receiving shares in Suffolk Federal in exchange for the shares they own in LICFCU. Suffolk Federal’s solid financial position with assets in excess of $1 billion, more than 55,000 members and now 10 branches—including the current LICFCU Port Jefferson location—in Suffolk County will provide enhanced services, stronger banking options and new opportunities to LICFCU members. The conversion of the LICFCU core system is expected to be completed by year-end.
“This strategic merger is a wonderful initiative for both financial institutions with similar values and will enable us to leverage and diversify our amenities to provide greater access to products and services for all members,” explained Ralph D. Spencer, Jr., President and CEO of Suffolk Federal. “We look forward to providing outstanding and unparalleled opportunities to the members of Long Island Community Federal Credit Union and to welcoming them to the Suffolk Federal family,” he continued.
Current employees of LICFCU will be incorporated into the team at Suffolk Federal. “We are excited about the merger with Suffolk Federal. We feel it is a great fit for our members – we gain size, strength, better rates, and more access to funds throughout Long Island and beyond,” explained Steven J. Coniglio, recent Board Presiding Officer, LICFCU. “We look forward to offering our members new and enhanced benefits and feel that joining forces with another credit union that embraces a similar business philosophy and truly values the same personal touch and commitment to the Long Island community which we do will be a win-win for all,” he continued
Since its establishment 50 years ago, Suffolk Federal’s primary focus has been to provide its members with the very best in banking opportunities. The members of LICFCU will enjoy the many benefits of Suffolk Federal membership including:
- Convenience and Exceptional Service: Suffolk Federal currently has nine conveniently located branches including its headquarters in Medford, as well as Commack, Eastport, Islandia, Miller Place, Riverhead, Sayville, Southampton and West Babylon. And now, Suffolk Federal is preparing to open its 10th branch in Port Jefferson. All members are also offered thousands of Shared Branching locations!
- Surcharge Free ATMs. Access to thousands of surcharge-free ATMs nationwide—24 hours a day, seven days a week at 7-Eleven®, Walgreens, Target, CVS, Costco, Speedway, Rite Aid and other locations.
- Competitive lending rates with fast answers on loan solutions with the personal attention.
- Business Lending which can offer smart (Including special packaging for businesses in the Medical industry!)
- Great ways to Save and Higher Deposit Rates on Free Checking with Beacon Rewards.
- The latest in mobile technology including a mobile banking app with Remote Check Deposit
- Access to financial planning, insurance and investment services; First Time Home Buyers Programs; Free financial literacy education and