Sunmark Announces Merger Approval From New York State Department of Financial Services
Sunmark Credit Union announced today that it has officially received approval from the New York State Department of Financial Services to merge with Columbia-Greene Credit Union, located in Hudson, N.Y., and Hudson River Financial Credit Union, in Mohegan Lake, N.Y. Sunmark transitioned to a state-chartered credit union at the beginning of 2020, allowing the credit union to serve even more communities in New York State.
With branches in Hudson and West Coxsackie, N.Y., the $36 million-asset Columbia-Greene Credit Union, serves 5,000 members. “As the recent vote shows, our members value having a partner that will offer them enhanced financial products and services," said Victoria Marrone Ph.D., CEO of Columbia-Greene Credit Union. "We look forward to this exciting next chapter in our institution’s history.”
The $70 million-asset Hudson River Financial Credit Union, located in Westchester County, serves almost 7,000 members. “We have been receiving more member requests for additional offerings, including business services, a member call center, expanded loan offerings, and more advanced technology. By merging with Sunmark, we can now offer these benefits and services to our members.” said Hudson River Financial President & CEO Thomas J. Powers Jr. He added, “Our merger with Sunmark allows our members to have the products, services, and technology they desire and deserve.”
“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.”
Existing Hudson River Financial and Columbia-Greene locations will remain open and transition to Sunmark Credit Union branding.