The National Credit Union Administration approved the merger of Bethpage (N.Y.) Federal Credit Union with Jericho, N.Y.-based Northwell Health Federal Credit Union.
Here are seven things to know.
1. The merger took effect May 19. It combines Bethpage, the largest credit union in the northeast region, with Northwell Health Federal Credit Union, which has served employees of New Hyde Park, N.Y.-based Northwell Health.
2. Through the merger, Bethpage Federal Credit Union will take on Northwell Health Federal Credit Union's members, assets and liabilities, according to a news release. Combined assets post-merger are more than $7.4 billion.
3. As the official credit union partner of Northwell Health, Bethpage will serve the health system through its Bethpage at Work program. Under the program, Northwell Health employees receive assistance with managing their accounts and participate in financial seminars at their workplace.
4. Employees at 19 Northwell Health hospitals and office buildings will have access to the Bethpage at Work program, the release states. The employees will also have access to free Bethpage ATMs.
5. Additionally, Northwell Health employees are able to receive assistance via Bethpage's 35 proprietary branch locations. This includes Bethpage's newest Chelsea, New York City branch. Members will also be able to access their accounts at numerous shared credit union branches and surcharge-free ATMs throughout the Tri-State region and nationally, thanks to Bethpage's alignment with the COOP Shared Branch Network.
6. Commenting on the merger, Bethpage President and CEO Wayne Grossé said: "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."
7. Joseph Moscola, senior vice president and chief people officer for Northwell Health, also expressed excitement about the deal, saying, "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."