FORT WORTH, Texas–The $42-million Corp of Engineers FCU here is being absorbed in a merger by the $19-billion Pentagon Federal Credit Union.
“This process is about two credit union boards and their management teams partnering with each other to create added value. As a result of our partnership with COE Federal Credit Union, the support for the members, employees and surrounding communities of both organizations will be greater,” said James Schenck, president and CEO of PenFed Credit Union, in a statement.
Ricardo Chamorro, senior vice president for mergers and acquisitions at PenFed, said that the credit union is pleased to be in Fort Worth. “North Texas is a key market for us and our partnership with COE Federal Credit Union allows us to gain a greater foothold in the Fort Worth area while providing our new members immediate access to the incredible value that PenFed Credit Union brings to the table,” said Chamorro.
PenFed has 1.4 million members; COE FCU has 1,900.