First New York FCU announces merger with Mohawk Progressive

ALBANY, N.Y. (NEWS10) -- First New York Federal Credit Union announced on Thursday it will be merging with Mohawk Progressive Federal Credit Union in Schenectady. The official transition is scheduled to take place in April.

The merger was approved on March 18 after a large majority of Mohawk Progressive members voted in favor of being integrated into First New York. Mohawk currently has $12 million in assets and over 1,000 members at its one branch.

Mohawk Progressive CEO Carole Graver said "We sought First New York out as a partner for this merger. Our members are used to a high level of service, and that’s something both credit unions have always had in common."

They will now bolster First New York, which has over 35,000 members across several branches in the Capital Region, as well as $473 million in assets. The credit unions announced that no jobs will be lost in the merger, and that Mohawk Progressive's branch will continue to run normally.

"We welcome Mohawk Progressive members into our credit union with open arms and open ears," said First New York President and CEO Lucy Halstead. "We will continue Mohawk’s great tradition of exceptional service through the transition, and into the future."