HERNDON, Va.–Two Virginia credit unions have announced plans to merge. Members of the $223-million Constellation FCU have voted in favor of merging into Northwest FCU, effective July 1, 2019. The merger agreement had been previously approved by NCUA.
Northwest Federal President and CEO Jeff Bentley will continue as CEO of the combined organization, and CFCU CEO Bobby Josephson will serve as a senior consultant. All CFCU employees will become a part of Northwest Federal’s team and its 8,000 members will join Northwest Federal’s current membership base of 270,000.
Josephson said the merger with Northwest Federal will help ensure a healthy financial future for current CFCU members.
“Merging with this strong and stable credit union will introduce expanded services, benefits, and new economies of scale. We’re excited about the promise of greater operating efficiency, more convenience with additional branches, and being able to offer advanced information security to our existing membership.”
Bentley added the partnership will not only introduce valuable benefits to the CFCU membership, it will also help Northwest Federal continue on its path to growth and success.
‘New Opportunities’
“Introducing CFCU as a merger partner will create new opportunities for growth and will help us to continue to offer the very best in financial services, including advanced technologies and superior member service,” said Bentley. “The partnership was a natural one as our institutions share a commonality of membership and geographic footprint. We both understand and value the security needs of our many members who work for the federal government while also understanding the importance of providing convenient and exceptional service. The merger will also introduce two new Northwest Federal branch locations.”
Northwest FCU has approximately $3.5 billion in assets and seven branches.