Welcome Lexington Avenue FCU Members!
Important Information About the Merger
Why did Alternatives FCU merge with Lexington Avenue FCU?
Alternatives FCU merged with Lexington Avenue 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.
What does this merger mean for my accounts/loans/online banking?
As an Alternatives FCU member, you will experience no changes to your accounts, loans, or online banking. Everything will continue as usual, allowing you to manage your finances without interruption.
Do Alternatives and Lexington share similar values?
Absolutely! Alternatives FCU and Lexington Avenue 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.
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.
Will I continue to get the same level of service?
Both organizations are committed to providing exceptional member service and this will continue to be a focus for the combined organization.
Is the credit union in a good financial position?
Yes, Alternatives FCU is in a strong financial position. The merger with Lexington Avenue FCU further solidifies our foundation, allowing us to leverage greater resources and extend our reach. This strategic growth enhances our ability to serve our members and invest in our community effectively, ensuring long-term stability and success.
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 care about your 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.
I’ve been an Alternatives FCU 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 an Alternatives FCU member will not change. There is no change in our mission, and we proudly remain a Certified Community Development Financial Institution (CDFI).
Will Alternatives’ service area change as result of this merger?
Yes, the merger expands our field of membership to include Lexington Avenue Federal Credit Union’s field of membership in the Rochester area.
FEDERALLY INSURED BY NCUA