In July 2007, the Credit Union merged with Catskills Regional Credit Union, which
included the acquisition of a branch in Liberty, NY. As a result of this acquisition,
the Credit Union exceeded the maximum regulatory fixed asset ratio of 5 percent.
Assisted by the assigned examiner, the Credit Union filed for a fixed asset waiver.
NCUA ultimately declined the waiver due to Credit Union management’s inability to
supply all requested documentation. Ultimately, ENY FCU sold the facility in June
2008 to ENY Holdings LLC (ENY Holdings), a CUSO of the ENY FCU, and entered
into a 20-year capital lease to retain use of the building as a working branch.