NASA Federal Credit Union to Merge with Partnership Federal Credit Union.
M2 EQUITYBITES-June 3, 2019-NASA Federal Credit Union to Merge with Partnership Federal Credit Union
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3 June 2019 - Maryland, US-based NASA Federal Credit Union and Virginia, US-based The Partnership Federal Credit Union have announced their intent to merge, to expand combined member offerings, the companies said.
This merger is not a buy out or acquisition. The board of directors and leadership of both credit unions recognise that the merger will result in a consolidation of energies and resources.
NASA Federal CU said both credit unions are financially and operationally strong and neither one needs to merge.
Given the strength of each institution, this merger will leverage combined leadership and enable increased convenience, as well as more competitive products and services, to a greater number of members.
When approved, the merger will create a credit union with close to USD 3bn in assets and 14 branches, serving more than 172,000 members throughout the DC metropolitan area and the nation.
Members, assets and employees of the Partnership Federal Credit Union will be integrated under the NASA Federal Credit Union name, its federal charter status and its select employee group orientation.
NASA Federal Credit Union is a not-for-profit financial cooperative owned entirely by its members and operated for the benefit of all who belong.
Chartered in 1949, NASA Federal Credit Union serves the diverse needs of 163,000 members nationwide with a full array of financial services and the strength of USD 2.8bn in assets.
The Partnership Federal Credit Union serves those who advance and promote the interests of the public, including several select employee groups. The Partnership Federal Credit Union has USD 155m in assets and serves 9,600 members.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 3, 2019|
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