Bethpage Federal Credit Union acquired Jericho-based Northwell Health Federal Credit Union on Friday in a merger worth more than $7.4 billion, the two institutions jointly announced Friday, May 19, when the consolidation took effect.
The National Credit Union Administration approved the deal between BFCU, the largest credit union in the Northeast, and NHFCU, the credit union for the Northwell Health medical system, which has 19 hospitals and 62,000 employees, making it the largest private employer in New York State. BFCU acquires NHFCU’s $100 million in assets and 17,000 members under the deal.
“Through our expanded charter, Bethpage now has a growing footprint that very closely aligns with Northwell Health’s growing footprint,” said Wayne N. Grossé, BFCU president and CEO. “We look forward to serving Northwell Health and continuing a healthy partnership for many years to come.”
BFCU, which recently celebrated its 75 anniversary, is the 16th largest credit union and Northwell Health is the 14th largest health care system in the country.
The acquisition comers as BFCU reported record net income of $61 million last year, a 53 percent increase over 2015. For the same time period, deposits grew 9 percent to $6 billion, assets grew 11 percent to $6.9 billion and Bethpage also funded $3 billion in loans, a 12 percent increase over 2015.
Members of NHFCU, which has locations in Jericho and Manhasset, will now also be served by BFCU’s 35 branches across LI and New York City, including its recent addition in the Chelsea section of Manhattan and another planned for Lake Success.
“While the Northwell Health Federal Credit Union has served our employees well for many years, we are very excited about the merger with Bethpage Federal Credit Union,” said Joseph Moscola, senior vice president and chief people officer for Northwell Health. “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.”