Navy Federal Credit Union has acquired a small credit union with two branches in Fort Meade, Md.
Fort Meade Community Credit Union, which has been operated by Navy since Monday, is not federally insured and NCUA’s website does not have call reports for the credit union.
Navy Federal, the nation’s largest credit union ($81.5 billion in assets, 7 million members), plans to maintain both of Fort Meade Community’s branches, one on the Fort Meade base, the other three miles southeast of Fort Meade in the Odenton Shopping Center.
The web site, DepositAccounts, lists Fort Meade Community Credit Union as having 12 employees. DepositAccounts says its return on assets was -0.77%, and its return on equity was -14.05% in this year’s first quarter.
Assets were $32.2 million as of March 31, up from $31.9 million a year earlier. It had only $6.4 million in loans, down from $8 million a year earlier. Deposits were $30.4 million, up from $29.7 million a year earlier.
Navy is based in Vienna, Va., 40 miles west of Fort Meade, which is halfway between Baltimore and Washington, D.C.
Navy last acquired a credit union in Sept. 30, 2014: its merger with the Elizabeth City Coast Guard Employee Credit Union in North Carolina ($3.2 million in assets, 582 members).
