WASHINGTON–A credit union that has served an American Institution for nearly 40 years is about to disappear in a merger. National Geographic FCU’s membership has approved a merger into
O.A.S. Staff FCU, also in Washington, effective in August.
In a letter to the NGFCU membership on the credit union’s website, Board President Jeff Hertrick wrote, “In today’s market of ever-changing technology, low interest rate environment, and increasing cybercriminal threats, the NGFCU board of directors, over several years, evaluated strategic possibilities to assure that you, our member, will continue to receive the full range of products and services you deserve from a local member-owned credit union, and will have access to even more services.”
Hertrick said the board explored a range of options, including merging with a smaller CU and “maintaining the current course alone, or merging with a strong and proven performer. While there are some benefits with each option, only one meets the full range of our objectives: quality care for our membership, expansion of product offerings, infusion of investment in IT security, improved training and a strong commitment to community service.”
The $12-million National Geographic FCU has approximately 1,567 members.
A ‘Rich Tradition’
Hertrick added that “Like the National Geographic Society, OASS FCU brings a rich tradition of serving other countries and communities, and thus, to O.A.S. Staff Federal Credit Union.”
Two members of the NGFCU board will join the OASSFCU board until the next board elections are held, when they will have the opportunity to be reelected.
The $222-million O.A.S. Staff FCFU has approximately 6,600 members.