UPPER MARLBORO, Md., May 31, 2019 /PRNewswire/ -- After recently receiving regulatory approval, NASA Federal Credit Union and The Partnership Federal Credit Union have announced their intent to merge, subject to a vote of The Partnership Federal Credit Union members. Unlike other mergers that are designed to make money for stockholders, this merger is not a buy out or acquisition. The Board of Directors and leadership of both credit unions recognize that the merger will result in a consolidation of energies and resources that will expand the combined member offering.
"Both credit unions are financially and operationally strong and neither one needs to merge," says NASA Federal Credit Union president and CEO, Doug Allman. "We are choosing to merge for the benefit of our membership. Given the strength of each institution, this merger will leverage our combined leadership and enable us to provide increased convenience, as well as more competitive products and services, to a greater number of members."
When approved, the merger will create a credit union with close to $3 billion in assets and 14 branches, serving more than 172,000 members throughout the D.C. metropolitan area and the nation. Members, assets and employees of the Partnership Federal Credit Union will be integrated under the NASA Federal Credit Union name, its federal charter status and its select employee group orientation.
"Beyond these immediate growth benefits, this merger will combine two established entities that espouse similar values," says Theresa Mann, president and CEO of The Partnership Federal Credit Union. "Our two organizations share a core purpose of empowering people to achieve a brighter financial future. With the combined vision, people and capabilities of these two organizations, our members, communities and employees will receive lasting benefits."
As the merger process moves forward, The Partnership will provide information to its membership via its website (ThePartnershipFCU.com), and other applicable communication channels.
About NASA Federal Credit Union
NASA Federal Credit Union is a not-for-profit financial cooperative owned entirely by its members and operated for the benefit of all who belong. Chartered in 1949, NASA Federal Credit Union serves the diverse needs of 163,000 members nationwide with a full array of financial services and the strength of $2.8 billion in assets.
About The Partnership Federal Credit Union
The Partnership Federal Credit Union serves those who advance and promote the interests of the public, including several select employee groups. The Partnership Federal Credit Union has $155 million in assets and serves 9,600 members.
SOURCE NASA Federal Credit Union