PHOENIX—Credit unions in Arizona and Maryland have announced the completions of mergers.
In Arizona, the $186-million Canyon State Credit Union and the $258-million Deer Valley Credit Union said they have now combined operations following a recent vote in favor by members of Deer Valley CU.
Deer Valley will be the surviving name for now, with DVCU CEO Robb Scott the CEO of the merged institution. Each credit union had approximately 19,000 members.
“We will be stronger together,” said Scott. “By pooling our financial resources, we’ll be able to remain competitive in the ever-changing financial industry landscape. We’ll stay focused on our commitment to the communities we serve and continue to strive for excellent member service.”
Scott said the credit union will not be in a “rush” to choose a new name or to merge its core systems.
“What’s most important right now is that we define who we are as a larger team, align our business practices, and create a strong foundation internally before we do anything that will impact our members,” said Scott. “It’s business as usual for the remainder of 2019.”
Maryland Merger Complete
Meanwhile, in Upper Marlboro, Md., NASA Federal Credit Union and The Partnership Federal Credit said they have completed their merger. NASA FCU is the surviving name and now has nearly $3 billion in total assets, more than 177,000 members and 14 branches in the Washington, D.C., market.
"We're proud to welcome The Partnership team and members to the NASA Federal family. Both credit unions share long histories of empowering people to achieve a brighter financial future," said NASA Federal Credit Union President and CEO Douglas Allman in a statement. "The teamwork exhibited by both The Partnership and NASA Federal teams to bring this merger together has been exceptional. With the combined vision, people and capabilities of our two organizations, I am confident that our members, communities and employees will receive lasting benefits from this merger."
Theresa Mann, former president and CEO of The Partnership FCU, is now chief risk officer with NASA Federal.
“NASA Federal Credit Union is consistently one of the nation's best-performing credit unions. Their reputation, financial strength and capabilities will provide tremendous value to all involved and I am delighted to join the NASA Federal team."