Credit unions in Virginia, Maryland, Pennsylvania and Arizona recently announced new mergers.
The $20.6 billion Pentagon Federal Credit Union in Alexandria, Va., announced Monday its fifth merger agreement this year with the $101 million Energy Federal Credit Union in Rockville, Md.
Though PenFed said in a prepared statement that members of Energy FCU approved the merger by an “overwhelming margin,” the final vote tally was not released.
Energy FCU was organized in 1948 by seven employees of the U.S. Atomic Energy Commission. The cooperative’s original name was the U.S. Atomic Energy Federal Credit Union.
In 1974, the U.S. Nuclear Regulatory Commission joined the credit union as a sponsor. In 1977, the credit union’s name was changed to Energy FCU as it continued to broaden its field of membership to include companies affiliated with the NRC and Department of Energy.
Energy FCU served 10,485 members.
PenFed President/CEO James Schenck said while PenFed already serves DOE employees at two locations in Washington and Germantown, Md., PenFed will operate a full-service branch in Rockville, Md., as part of its network of 39 branches.
The merger will take effect Jan. 1.
In Pennsylvania, the $33.3 million Pittsburgh Central Federal Credit Union in Sewickley, Pa., merged into the $135 million CHROME Federal Credit Union in Washington, Pa., effective Oct. 1.
Pittsburgh Central’s 10 employees were offered positions with CHROME.
Chartered in 1936, Pittsburgh Central served 5,706 members.
To grow the credit union to $500 million over the next five years, CHROME President/CEO Christopher George said he is in merger discussions with other cooperatives.
On Dec. 1, the $9.7 million Desert Medical Federal Credit Union in Scottsdale, Ariz., will consolidate with the $629 million Credit Union West in Glendale, Ariz.
Chartered in 1970, Desert Medical served 2,030 members who work in the healthcare system of Scottsdale Memorial Hospital, Mayo Clinic and Hospital and Shadow Mountain Health Care.
