July 22, 2021
DFS APPROVES HUDSON RIVER COMMUNITY CREDIT UNION TO ACQUIRE NORTON-TROY EMPLOYEE CREDIT UNION
Approval Will Enhance Access to Financial Services Across New York State
The Department of Financial Services (DFS) announced today it has approved Hudson River Community Credit Union (“Hudson”) to acquire Norton-Troy Employee Credit Union (“Norton”). Norton will merge with and into Hudson River Community Credit Union under the name Hudson River Community Credit Union.
“As New York continues to reimagine, rebuild, and renew, DFS continues our commitment to expand financial services across the state, which is essential to our growth and recovery,” said Superintendent Lacewell. “This merger will help strengthen the local economy and better serve the financial services needs of consumers and Main Street small businesses.”
In reviewing the application, DFS considers the acquirer credit union’s record and history of serving underserved areas, as well as low and moderate-income individuals within the communities they currently service, and their commitments to continue to serve underserved areas.
Norton members will have full access to Hudson’s products, services, and support in-person, electronically, by phone, by mail, and through national shared branch and co-op ATM networks.
“I am very excited to welcome Norton-Troy Employees Credit Union members to Hudson River Community Credit Union,” said Hudson River Community Credit Union (HRCCU) CEO Sue Commanda. “I believe that the Norton-Troy members will see a tremendous benefit by becoming members of HRCCU. Not only do we offer convenient online banking tools and multiple branch locations across the region, but we have a large network of shared branching locations that make banking easy and free just about anywhere you work or travel. It is the mission of HRCCU to make our members lives better and I am pleased that we can now offer the same benefits that have enhanced the lives of our current members to our new Norton-Troy members.”
As of March 31, 2021, Hudson had total assets of $342 million and total deposits of $289 million and Norton reported total assets of $5 million and a total deposit of $4 million. After the completion of the transaction, the total assets of Hudson are expected to be $347 million and total members would increase to 26,420.