December 22, 2020
DFS APPROVES NYS-CHARTERED SUNMARK CREDIT UNION’S ACQUISITION OF COLUMBIA-GREENE CREDIT UNION AND HUDSON RIVER FINANCIAL CREDIT UNION
Approval Increases Access to Banking Services Across the State and Builds on DFS' Commitment to Connect New Yorkers with Affordable and Accessible Financial Services
The Department of Financial Services (DFS) announced today it has approved Sunmark Credit Union to acquire Columbia-Greene Credit Union (CGCU) and Hudson River Financial Credit Union (HRFCU).
Prior to the merger, Columbia-Greene Federal Credit Union and Hudson River Financial Federal Credit Union were both federally chartered credit unions. Both credit unions converted to state-charters on December 21, 2020. Subsequently to the conversions, Columbia-Green Credit Union and Hudson River Financial Credit Union merged with and into Sunmark Credit Union under the name Sunmark Credit Union.
“Expanding New York State-chartered financial institutions reiterates DFS’ commitment to provide banking services and products to New Yorkers in every corner of the state” said Superintendent Lacewell. “Congratulations to Sunmark Credit Union, Columbia-Greene Credit Union, and Hudson River Financial Credit Union. This merger and conversion will benefit their current members and potential customers and help drive economic growth in the communities they serve.”
“I am very excited to welcome Hudson River Financial and Columbia-Greene members and employees to Sunmark,” said Sunmark Credit Union CEO Frank DeGraw. “This merger will allow even more New Yorkers to master their money with added convenience, more financial services, and leading-edge technology. It also allows Sunmark the opportunity to continue to fulfill our mission and improve the financial well-being of all persons.” DeGraw added, “This exciting moment in Sunmark’s history would not have been possible without the hard work and dedication of the entire team within the New York State Department of Financial Services. They were a real partner during the entire merger process, and we thank them for their guidance.”
Currently, CGCU serves more than 4,000 members, with branches in Hudson and West Coxsackie, N.Y and holds over $36 million in assets. HRFCU serves close to 7,000 members, with branches in Westchester County and holds over $70 million in assets. As a result of both mergers, Sunmark’s total assets will be approximately $912 million and total membership will increase to 76,987.
Currently, Hudson River Financial and Columbia-Greene locations will remain open and transition to Sunmark Credit Union branding.