Welcome Lexington Avenue FCU Members!
Important Information About the Merger
Why did Lexington Avenue FCU merge with Alternatives FCU?
Lexington Avenue FCU merged with Alternatives FCU to enhance our ability to serve our communities and provide the best value possible to our members. Both credit unions share a commitment to serving low-income neighborhoods and focus on development, supporting those traditionally underserved by the banking system. This strategic alignment not only extends our mission-driven services but also increases operating efficiencies. By partnering with a larger, established credit union, we can offer more robust financial services, ensuring that we continue to grow and thrive, and strengthen our position in the industry.
Am I now a member of Alternatives FCU?
Yes. As of June 30, 2024, you automatically became a member of Alternatives FCU, a certified Community Development Financial Institution (CDFI).
Do Lexington and Alternatives share similar values?
Absolutely! Lexington Avenue FCU and Alternatives FCU are closely aligned in our core values and missions. Both of our credit unions focus on financial empowerment and advocacy for our members, striving to make a significant impact in our communities, especially among historically marginalized and underserved groups. Lexington Avenue’s designations as a Minority Depository Institution (MDI) and Low-Income Designated (LID) credit union, along with our status as a Community Development Financial Institution (CDFI) at Alternatives, underline our dedication to these principles. Together, we continue to be progressive and inclusive, not only as financial institutions but also as employers and community partners.
Does Alternatives FCU have a long history of serving the community like Lexington?
Alternatives FCU was established in 1979 and is certified by the U.S. Treasury as a Community Development Financial Institution. CDFIs share a common goal of expanding economic opportunity in low-income communities by providing access to fair financial products and services for local residents and businesses. The credit union has over $147 million in assets and serves over 10,000 members in Broome, Cayuga, Chemung, Cortland, Genesee, Livingston, Monroe, Onondaga, Ontario, Orleans, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne and Yates Counties.
Frequently Asked Questions About the Merger
Who will lead the merged organization? Does this have the support of both leadership teams? Kevin Mietlicki, current CEO of Alternatives FCU, will be the CEO of the combined organization. This merger has the full support of the executive and leadership teams of both organizations.
Is the credit union in a good financial position? Yes, our merger with Alternatives FCU has strengthened our financial standing, ensuring we continue to serve you effectively and securely.
When will changes occur? The merger was effective as of June 30, 2024, and the full merger of operating systems will happen in March 2025. There are a series of steps that need to take place to get both credit union systems ready over the coming months. More information will be shared as we get closer to system changes.
What does this mean for my accounts/loans/online banking access? While we can’t yet relay specifics regarding accounts at this stage, please be assured that we’ll be bringing forward the best product offerings from both credit unions. You’ll continue to enjoy the same or improved products and online banking solutions you have today.
Will rates or fees change on my accounts? We’re focused on continuing to bring you the financial value you’ve come to expect! The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. We will also provide you with advance notice of any changes to the fee structure, or the rates and terms for newly opened accounts and loans, ensuring you stay informed and can plan accordingly.
Do I need to do anything? Is this change going to require work on my part? At this time, it would be helpful for you to verify that your contact information is up to date. This can be done through your digital banking, by confirming your information on your monthly statement, or in-branch if you visit to complete a transaction.
It will be our top priority to make this transition as seamless as possible. We’ll keep any work on your part to a minimum, giving you plenty of advance notice, helpful guidance, and dedicated support before any changes.
Will our location change? Our location at 1275 Lexington Avenue, Rochester, NY 14606 will not change. You can continue to visit us there as usual. Additionally, as part of the merger with Alternatives FCU, you will soon have access to more branches and ATMs across our network, enhancing your options for in-person banking services.
Will the hours of operation change? Currently, there are no changes to our hours of operation. Our lobby remains open from 10am to 4pm, Monday through Friday. You can also reach us by phone from 9am to 4:30pm, Monday through Friday.
How do I access my money? You can continue to access your money just as you have in the past. This includes visiting your local branch, using your ATM or debit card, and writing checks.
Who can I contact if I need to talk about my account? Just as before, you can visit your local branch in person or call us at (585) 254-4543 or toll-free at (800) 309-6470. We're here to assist you with any questions or concerns you may have about your account.
Who can I reach out to for questions about the merger? If you have any questions about the merger, you can visit or call your local branch. Our team is ready to provide you with all the information you need.
Will the merger impact my insured funds? Members accounts will continue to be fully insured by the National Credit Union Share Insurance Fund (NCUSIF) to at least $250,000 per individual. And while we understand that insurance brings important peace of mind, you should also know that no depositor has ever lost a penny on insured accounts at any federally insured credit union in the United States.
I’ve been a Lexington member for many years. What if I’m concerned about things changing? We hear you and want to affirm that the core values you appreciate about being a Lexington member will not change. Alternatives holds deep respect for Lexington Avenue Credit Union and the substantial impact they made to their community.
Will I continue to get the same level of service? Yes. Both organizations are committed to providing exceptional member service and this will continue to be a focus for the combined organization.
I care about the employees. Will the merger impact their jobs? Our employees can feel secure in their jobs, as they play the most vital role in how we serve our members and uphold our shared mission. We will not reduce overall staffing levels because of this merger. In fact, a combined organization is likely to provide greater future growth opportunities for employees. Lexington Avenue employees have been invited to and are choosing to remain with the credit union, ensuring a seamless transition and preserving the integrity of our services.
What benefits can I look forward to as a member of Alternatives FCU?
In the coming months, as we integrate with Alternatives FCU, you will begin to receive information about a range of exciting products and services designed to enhance your banking experience. Here's a preview of what will gradually become available to you:
- Expanded Access: Enjoy access to over 5,600 compatible branches and 30,000 fee-free CO-OP ATMs across the country.
- Business Support: Receive technical support and mentoring for your startup or existing business to help it grow and thrive.
- FAIR Mortgage Program: Benefit from our FAIR Mortgage initiative, aimed at addressing inequality and racism in housing finance.
- Inclusive Lending: Look forward to lending opportunities designed to meet you wherever you are on your journey towards establishing, repairing, building, or improving your credit.
- Prize-Based Savings Account: Engage with our prize-based savings accounts that offer you the chance to win money simply by saving.
- Personal Financial Coaching: Take advantage of free, one-on-one personal financial coaching to help you manage and improve your financial health.
These enhancements are part of our commitment to providing you with comprehensive financial solutions that meet your needs and support your financial well-being.
FEDERALLY INSURED BY NCUA