One of the country’s largest federally insured credit unions has acquired Melrose Credit Union in Briarwood.
Teachers Federal Credit Union (TFCU) announced on Aug. 31 that it had obtained all member shares as well as some loans and other assets from the Queens-based credit union. As of the last call report, Melrose Credit Union had 19,864 members and approximately $1.1 billion in assets.
The acquisition will provide TFCU to expand and grow in the New York City market.
As a part of the acquisition, Melrose Credit Union’s location in Briarwood will stay open and its members will have access to 27 full-service TFCU branches throughout Nassau and Suffolk counties and its 5,600 shared service centers across the country. Members will also have access to TFCU online features including Mobile Banking, Mobile Check Deposit, Digital Wallets for Apple and Samsung and Smart Watch integration.
Members’ accounts will also remain insured by the National Credit Union Share Insurance Fund, which insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.