RYE, N.Y. – USALLIANCE FCU said it is seeking to merge with Rockville, Md.-based Marriott Employees’ FCU, pending a vote by MEFCU’s members.
The $191.5-million Marriott Employees FCU has approximately 22,640 members. MEFCU reported a loss of $610,937 and capital of 9.62%, as of Sept. 30. The $2.644-billion USAlliance has approximately 145,000 members, and reported $18.2-million in net income with capital of 8.75% as of the same date.
“We’re excited to welcome the members of Marriott Employees’ Federal Credit Union into the USALLIANCE family,” said Kris VanBeek, CEO of USALLIANCE. “We are proud of the products and services we offer our 140,000+ members across the United States and are confident that MEFCU members will find value in our expanded services and offerings.”
USALLIANCE Financial said it is a “proven industry leader in electronic banking services and financial innovation. For MEFCU members, the size and resources of USALLIANCE will enhance their banking capability with easily understandable financial education tools, low fee structures, early posting of direct deposit transactions, a wider variety of loan types, and a diverse portfolio of deposit account options.”
‘Great News’
“This is great news for our members. With its size and reach, USALLIANCE is uniquely qualified to address the needs of our diverse membership,” said Susan Wolfe, CEO of MEFCU. “Through this merger, our members will be able to benefit from state-of-the-art banking tools and additional products and services that USALLIANCE has to offer.”
Marriott Employees FCU has not yet filed its disclosure form related to the merger with NCUA.
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