Two New Jersey Credit Unions Combine Forces: Garden Savings FCU Announces Merger With Pinnacle FCU
Garden Savings Federal Credit Union is pleased to announce a merger has been completed with Pinnacle Federal Credit Union, a $94 million credit union headquartered in Parlin, NJ. This strategic partnership aims to strengthen both organizations and provide enhanced financial services to the now 40,000 members that the combined entity will serve. Garden Savings will be the surviving institution.
Dennis Fitzpatrick, who served as President and CEO of Pinnacle, notes that “By combining our resources and talent, Garden Savings FCU and Pinnacle FCU will provide an even broader range of products and services, an expanded market footprint now serving four New Jersey counties and six branches, and a fantastic banking experience for everyone involved. All of the members will benefit.”
Michael Powers, President and CEO of Garden Savings, adds that, “These are two of New Jersey’s longest standing credit unions, both founded in the 1960s. Completing this merger means that we can combine our strength and position ourselves for long-term success for years to come. These credit unions have shared values and numerous commonalities in our mission and vision to provide a great alternative to conventional banks. With branches now in Parsippany, Dover, Newark, South Orange, Parlin, and Brick, we believe our members will be better served and we also believe it will encourage new members to join the credit union. It may sound cliché, but this is truly a win-win scenario for everyone involved and we’re excited about the future, and adding Pinnacle’s 11,000 members into the Garden Savings FCU family.”
Both credit unions will operate independently under the Garden Savings FCU banner until the second quarter of 2025 when core systems are converted. At that time, rebranding efforts will begin, and members can take advantage of the full range of products, services, and locations that the credit union will have available. Additional information regarding the merger will be made available via the credit unions’ respective websites as they develop.