EDT FCU’s Members Vote to Approve Merger
(May 7, 2014) -- Garden Savings Federal Credit Union, headquartered in Parsippany, New Jersey and Essex Division Telephone Federal Credit Union of Maplewood, New Jersey, announced plans to merge effective May 31, 2014. The credit unions will continue to operate under the name of Garden Savings Federal Credit Union and operate full service branches in six different New Jersey locations, including Parsippany and Maplewood.
Garden Savings, established in 1968, enters the merger with over $292 million in assets and more than 24,000 members from over one hundred different select employer groups including Alcatel-Lucent and Honeywell. Essex Division Telephone, established in 1964, brings an additional $8.5 million in assets from nearly 2,000 members into Garden Savings. The merger was approved by the Essex Division Telephone Federal Credit Union membership on Tuesday, April 29, 2014.
“We believe that this merger will be a great benefit to the members of Essex Division Telephone FCU,” said Frank Maniscalco, President and CEO of EDT FCU. “Garden Savings has a diverse product and service menu, numerous locations, a great electronic presence and access to thousands of surcharge-free ATMs and shared branches. Our members will be delighted with the added convenience now available to them.”
“We are excited to welcome the members of Essex Division Telephone into the Garden Savings community,” said Lou Vetere, President and CEO of Garden Savings. “EDT has been in business for a great many years and now sees tremendous value in expanding their footprint by becoming part of a larger, technologically progressive credit union. Together we become a stronger credit union built to succeed for many years to come. In addition, the Maplewood area will help us expand our overall presence in northern NJ, and provides yet another access facility for our existing members. This merger will benefit the members of both credit unions a great deal.”