SAN DIEGO–One credit union has reached across the country for a merger, while two Ohio CUs have combined a little closer to home.
Members of Miramar Federal Credit Union here have voted in favor of merging into Tysons, Va.-based Pentagon Federal Credit Union (PenFed). Miramar FCU, which serves Marine Corps Air Station in Miramar, has approximately 7,000 members, and said another 40,000 are eligible to join PenFed.
“We are very excited to welcome the members and employees of Miramar Federal Credit Union to the PenFed family, joining the more than 112,000 other California residents – nearly 10% of them in San Diego – who are already members of PenFed,” said PenFed President and CEO James Schenck in a statement. “California has been a key market for PenFed for many decades and we are proud to establish a retail presence in San Diego through a partnership with Miramar. PenFed is committed to helping our collective members do better financially as we strive to deliver the best rates and experiences anywhere and anytime and to being an active participant and contributor in the communities we serve.”
“The members and the staff are big winners in this partnership,” said Paul Socia, Miramar Federal Credit Union’s CEO, in a statement. “PenFed will bring enhanced products and services to the market while creating powerful new opportunities for our staff. I am excited to join PenFed and certain that together we will do better for our members.”
Meanwhile, in Lima, Ohio, credit unions have announced plans to merge. The $16-million First Choice Credit Union in Coldwater, Ohio, said it will merge into the $630-million Superior Credit Union. Combined, the credit unions will serve approximately 65,500 members. Superior said First Choice’s single location will join its 14 other branches.