First New York announces merger with Mohawk Progressive FCU
ALBANY, NY (March 21, 2024) — First New York Federal Credit Union announced today that it will merge with Mohawk Progressive Federal Credit Union, based in Schenectady, New York. Mohawk Progressive Federal Credit Union will be integrated into First New York.
The merger gained final approval on March 18, 2024 when a large majority of Mohawk Progressive members voted in favor of the move. The official transition of Mohawk Progressive members into First New York will occur Mid-April of this year.
With over $473 million in assets, 35,000+ members, eight branches and three high school branches, First New York is currently the third largest credit union in the Capital Region. Mohawk Progressive has $12 million in assets, 1,000+ members, and one branch location.
First New York President and CEO Lucy Halstead is confident the merger is a positive step for members of both institutions.
“We welcome Mohawk Progressive members into our credit union with open arms and open ears,” said Halstead. “We will continue Mohawk’s great tradition of exceptional service through the transition, and into the future.”
Mohawk Progressive CEO Carole Graver said “We sought First New York out as a partner for this merger. Our members are used to a high level of service, and that’s something both credit unions have always had in common.”
Mohawk Progressive’s branch at 1760 State Street in Schenectady will continue to run normally and Mohawk Progressive personnel will be welcomed into First New York. No jobs will be lost due to this merger.
Mohawk Progressive Federal Credit Union was chartered in 1935 as the New York Power and Light Schenectady District Employees Federal Credit Union to serve employees of the New York Power and Light Company. In 1955 it was renamed to NMP Schenectady District Employees Federal Credit Union, and became Mohawk Progressive Federal Credit Union in 1996.
First New York was chartered in 1937 as Schenectady Teachers Federal Credit Union to serve employees of the Schenectady City School District. In 1994, it became First Teacher’s FCU, changing to First New York in 2004. This is the fourth merger in First New York’s history, the last coming with the former Saratoga Springs Federal Credit Union in 2006.
About First New York Federal Credit Union
First New York Federal Credit Union is a full-service not-for-profit financial cooperative providing banking and lending services to consumers and businesses in the Capital Region. First New York offers a full suite of financial services including checking and savings accounts, mobile and online banking, home and auto loans, credit cards, commercial lending and investment services. First New York has over $473 million in assets and serves 35,000+ members. The credit union has eight full-service branches in Albany, Cobleskill, Glenville, Halfmoon, Niskayuna, North Greenbush, Rotterdam, and Saratoga, and scholastic branches in Schenectady, Burnt Hills-Ballston Lake and Mohonasen High Schools. Members can also access 5,600+ shared branch locations and 30,000+ fee-free ITM/ATMs nationwide.
