Island Federal Credit Union to acquire Bay Ridge Federal Credit Union

Island Federal Credit Union is taking over Brooklyn-based Bay Ridge Federal Credit Union, the credit unions announced late Thursday.

The deal will close October 1.

Hauppauge-based Island Federal will have assets of $1.6 billion and nearly 50,000 members after the merger with nine branches on Long Island and one in Brooklyn.

Terms of the deal were not disclosed.

Bay Ridge’s Brooklyn headquarters and branch, which is at 1750 86th Street, will operate as a full-service branch. Bay Ridge members will have access to Island Federal’s nine Long Island branches, over 75,000 surcharge-free ATMs and more than 5,600 shared branches nationwide.