FOR IMMEDIATE RELEASE April 1, 2014 FOR MORE INFORMATION Alicia Portada: 212-529-8197 Linda Levy: 212-529-8197 Union Settlement Federal Credit Un

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FOR IMMEDIATE RELEASE
April 1, 2014

FOR MORE INFORMATION
Alicia Portada: 212-529-8197
Linda Levy: 212-529-8197

Union Settlement Federal Credit Union merging with Lower East Side People’s Federal Credit Union

New York, NY, April 1, 2014 – Effective April 1, 2014, Union Settlement Federal Credit Union will be a division of Lower East Side People’s Federal Credit Union. The National Credit Union Administration (NCUA) approved the merger plan of Union Settlement Federal Credit Union (USFCU) with Lower East Side People’s Federal Credit Union (LES People’s FCU). This voluntary merger means that LES People’s FCU is fully absorbing USFCU.

LES People’s FCU will continue serving USFCU members at their branch at 237 East 104th Street with the same business hours. Members will have all their accounts transferred to LES People’s FCU without service interruption and NCUA will continue to insure the share accounts in LES People’s FCU up to $250,000.

LES People’s FCU’s CEO, Linda Levy, stated, “We are honored that Union Settlement FCU requested our credit union as its merger partner. We look forward to serving its members with respect and consideration. We also want to thank the New York Mergers, Acquisition, and Collaborations Fund (NYMAC) for their assistance in facilitating this merger.”

The NCUA is the independent federal agency that regulates, charters, and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund.

LES People’s FCU will now be over $42 million in assets and have approximately 8,000 members. The main branch is located at 37 Avenue B in New York, NY - (212) 529-8197, the Central Harlem branch is located at 2052 Adam Clayton Powell Jr. Blvd in New York, NY - (212) 222-0328 and the Union Settlement branch is located at 237 E 104th Street in New York, NY – (212) 828-6063.

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About LES People’s FCU
LES People’s FCU was chartered in 1986 as a member-owned, not-for-profit, community development financial institution. Its mission is to stimulate economic and community development by providing a safe, affordable and democratic alternative to traditional banks, and by reinvesting its members’ money in the communities it serves.

About Union Settlement FCU
Union Settlement FCU was chartered in 1957 by Union Settlement Association staff, board and program participants to bring financial services to its under banked community. Separately incorporated, USFCU has served as a not-for-profit, member owned, financial cooperative dedicated to the economic development of the East Harlem Community. Its field of membership includes anyone who lives, works, worships, attends school or participates in a program within the boundaries of 90th Street north to 125th Street, and from the East River Drive to the East side of Fifth Avenue.

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Main Branch:

37 Avenue B,
New York, NY 10009
(212) 529-8197

Harlem Branch:

2052 Adam Clayton Powell Jr. Blvd,
New York, NY 10027
(212) 222-0328

Union Settlement Branch:

237 E 104th Street,
New York, NY 10029
(212) 828-6061

www.lespeoples.org

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