KENSINGTON, Md.–The $411-million Lafayette Federal Credit Union said it plans to merge with CSC Employees Federal Credit Union of Falls Church, Va. It will continue its operations as a division of LFCU.
Lafayette FCU said the two credit unions have received preliminary approval to merge from NCUA. A majority vote in favor of the merger from CSCEFCU members is still required.
“We are beyond excited about what this combined credit union will bring to both membership groups,” said LFCU Chairman Norman Cohen. “Adding together the capabilities, experience and vision of the financial professionals from the two entities will position us for success for many years to come. We couldn’t be more delighted about this partnership and know it will result in a bigger and absolutely better than ever credit union.”
According to Cohen, the merger will give members from both credit unions a myriad of benefits, including more competitive rates, additional deposit and loan products and an increased number of branch offices among many others. In addition to greater levels of member service and new membership opportunities, the newly-formed credit union’s greater resources will allow it to diversify risk and expand community support programs.
The $77-million CSC Employees CU has 7,000 members.
Meanwhile, in Plainville, Conn., UBI FCU and Bristol Municipal Employees FCU have agreed to a merger effective Nov. 1. The newly combined credit union will operate under the “UBI FCU” name and federal community charter within Hartford County, Conn.
“This is an exciting time for both credit unions, which for years have provided above and beyond, very personalized financial services to their very devoted members,” said Stuart R. Phillips, president and CEO of UBI FCU.
The $85-million UBI FCU has 10,000 members. The $10-million Bristol Municipal EFCU has 1,500 members.