FALLS CHURCH, Va.–Two Virginia credit unions have announced plans to merge.
The $421-million Arlington Community Federal Credit Union (FCU) said it is seeking to merge with the $237-million, Alexandria-based InFirst Federal Credit Union.
The credit unions said in a statement that if the merger is approved they will operate under a new name. Plans call for Karen Rosales, president and CEO of Arlington Community FCU, to be CEO of the merged entity. Martha Wye, president and CEO of InFirst FCU, has announced plans to retire at year-end.
The credit unions further said there will be no layoffs as a result of the merger, with the combined workforce to be approximately 140 people. In addition, two members of InFirst’s board of directors will continue to serve as directors of the combined Arlington Community FCU board.
‘Looking Forward’
“We are looking forward to welcoming InFirst’s members and staff. Our organizations have long shared a passion for financial empowerment, member-centric service and community support,” Rosales said in a statement. “If the merger proceeds, our collective members, employees and communities will benefit from the strength and synergy of our combined workforces, enhanced products and services, economies of scale and new technologies.”
The CUs’ Performance
InFirst FCU has not yet filed member disclosure forms with NCUA related to the merger.
Arlington Community, which has 22,816 members, reported $666,857 in Q1 net income. InFirst FCU, which has 15,595 members, reported $145,290 in net income as of the same time.
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