UPPER MARLBORO, Md.–Two Washington-area credit unions have announced merger plans. The $2.7-billion NASA FCU and the $155-million The Partnership FCU said they plan to combine, subject to a vote of The Partnership Federal Credit Union members. NASA FCU will be the surviving name.
While NASA FCU’s core membership is the National Aeronautics and Space Administration, it also serves numerous other SEGs.
If the merger is approved, the merged CU will have 14 branches and more than 172,000 members, primarily in the metro D.C. market.
"Both credit unions are financially and operationally strong and neither one needs to merge," says NASA Federal Credit Union President and CEO Doug Allman. "We are choosing to merge for the benefit of our membership. Given the strength of each institution, this merger will leverage our combined leadership and enable us to provide increased convenience, as well as more competitive products and services, to a greater number of members."
‘Similar Values’
"Beyond these immediate growth benefits, this merger will combine two established entities that espouse similar values," added Theresa Mann, president and CEO of The Partnership FCU. "Our two organizations share a core purpose of empowering people to achieve a brighter financial future. With the combined vision, people and capabilities of these two organizations, our members, communities and employees will receive lasting benefits."
The Partnership FCU said on its website members should look for additional information on a member vote in the coming weeks.