Business & Tech
Ronkonkoma Credit Union Merging with Hauppauge's Island Federal
Members of CWA Long Island Federal Credit Union will soon become members of the locally-based credit union.
CWA Long Island Federal Credit Union will soon merge with Hauppauge-based Island Federal Credit Union.
The 4,200 members of Ronkonkoma-based CWA will become Island Federal members June 30.
“After a long search and consideration of a number of potential partners for the CWALIFCU, we knew that a merger with Island Federal Credit Union was the best option for our 4,200 members, as well as our employees,” Bill McClane, general manager of CWA (Communications Workers of America) Long Island Federal Credit Union, said in a prepared statement.
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From 2008 to 2011, the CWA credit union posted a total net income loss of $1.1 million, but still had a net income gain of $565,026 in 2012.
Island Federal has 30,000 members and is reported to have $909.8 million in assets.
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CWA Long Island FCU was chartered in 1977 and served the financial services needs of members of CWA local union chapters.
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