Press Release
PARAGON FEDERAL CREDIT UNION
TO MERGE WITH VISIONS FEDERAL CREDIT UNION
Merger Expands Visions Federal Credit Union headquartered in upstate
New York into Northern New Jersey.
Endicott, N.Y. and Montvale, N.J., August 19, 2011 –
Visions Federal Credit Union, a $2.6 billion community based credit union that currently serves the southern tier of New York and northern tier of Pennsylvania, and Paragon Federal Credit Union, a $330 million credit union, announced this week approval by the National Credit Union Administration for Visions to merge with and into Visions Federal Credit Union.
The combined credit union will have 29 branches in parts of New York, New Jersey and Pennsylvania, over $2.9 billion in assets, and more than 166,000 members. The transaction is expected to be completed sometime within the next ninety days.
Commenting on the transaction, Frank E. Berrish, President and Chief Executive Officer of Visions Federal Credit Union, stated, “We are very excited by this opportunity to expand our presence into northern New Jersey, and by the extent to which Paragons’ branches compliment our current locations, we are increasingly well positioned to serve our members in New York and look forward to doing business in this highly attractive marketplace. Visions Credit Union is an exceptional performing credit union. Despite challenging economic conditions, Visions has been able to perform at the highest levels, being recognized as one of the strongest credit unions in the country. We excel in the areas of capital adequacy, low delinquent loan levels and strong profitability.”
Berrish says, “This merger pools both credit unions’ values with a commitment to the communities in which they serve; a fact that will surely facilitate the integration of our credit unions. We look forward to expanding our field of membership and providing the members of Paragon with the advantage of cutting-edge technology, competitive loan and share rates, and the same friendly service they are familiar with. For over 40 years we’ve helped make a difference for our members, their families and the communities we serve, and today we offer revolutionary financial ideas designed to assist individuals and businesses throughout the communities we serve. We welcome the opportunity and invite the members of Paragon Federal Credit Union to take advantage of our vast array of superior products and services.”
John S. Fiore, President and Chief Executive Officer of Paragon, stated, “Today’s announcement is in line with our commitment to enhancing value to the members and the communities we have enjoyed serving for so many years. By joining Visions -- one of the premier credit unions in New York -- we are providing our members with access to a significantly broader menu of products and services. In addition, Visions robust delivery systems such as state-of-the-art home banking with remote deposit check scanning, bill payment services, account aggregator services, Quicken data extracts, online account opening and loan application capabilities, as well as an advanced mobile banking platform, will mean greater convenience for our members.”
Merger Highlights
- Member Benefits: Allows Paragon's current membership to be served by a financially sound credit union that has a history of providing its members with superior products, interest rates, and service.
- Quality Assurance Program: Visions’ goal is to improve member satisfaction with every interaction. For the past several years Visions has obtained a 96%-97% member satisfaction and quality of service rating according to results from their annual member survey.
- Superior Results: Visions has been voted “Best Bank or Credit Union”, as well as “One of the Best” for investment services and mortgage lenders in the local communities they serve today. They consistently demonstrate the credit union philosophy of “People Helping People”.
- Expanded Field of Membership: The merger will add 6 branches in northern New Jersey to Visions’ current franchise of 23 branches serving Broome, Chenango, Tioga, Chemung and Schuyler Counties in New York; the Cities of Rochester and Syracuse, New York; and Bradford County, Pennsylvania.
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