Power Federal Credit Union purchases Utica credit union

CNY Business Journal (1996+), Dec 29, 2000 by Allen, Paul

SYRACUSE - Power Federal Credit Union, with headquarters in Syracuse, recently purchased UFCW District Union Local One Federal Credit Union of Utica.

According to Kathy Leone, branch manager of the new Power Federal Credit Union Utica branch, and former office manager of the UFCW credit union, UFCW District Union Local One Federal Credit Union has assets of $8.2 million and approximately 7,000 members. The credit union primarily serves members of the United Food and Commercial Workers Union, which is located in upstate New York and parts of Pennsylvania.

John Wakefield, president and CEO of Power Federal Credit Union, says, "[The acquisition] helps both of us Power Federal Credit Union in terms of finding newmember growth and UFCW District Local One Federal Credit Union by providing the products and services to its membership that their current credit union couldn't offer. It was a very good match for both of us," Wakefield says.

Terms of the agreement were not disclosed.

Leone agrees that the acquisition will benefit members of UFCW. "Power Federal Credit Union can offer our members a lot more than we could have ever offered them. They pay higher dividend rates on their savings, have free checking programs, and better rates on their loans, not to mention no penalty fees. It's a great move for UFCW."

The acquisition will expand Power Federal Credit Union's membership to more than 28,000 and bring its assets to $192 million. Power Federal Credit Union will now have branch locations in Syracuse, Liverpool, Oswego, and Utica. Wakefield adds that the recent economic prosperity in Central New York bodes well for the future of Power Federal Credit Union and credit unions in general, "There's a lot of potential in the upstate New York area; in Syracuse, Utica, Albany, and the whole corridor up here," he says.