HUNT VALLEY, Md., and BELLINGHAM, Wash. (8/29/12)--Credit unions in Washington State and Maryland have announced mergers and acquisitions.
In Washington, members of Ferndale Refinery CU, a $4.6 million asset credit union in Ferndale, voted to approve a merger into Bellingham-based Industrial Credit Union of Whatcom County, according to a press release. The merger is set to take place Oct. 1 (The Bellingham Herald Aug. 27).
Ferndale Refinery CU's only branch will be closed, and its one employee, CEO Susan Prosser, will join ICU. Ferndale said it is financially strong but as with many small credit unions, it was finding it increasingly difficult to remain compliant with new regulations without increasing expenses significantly. Once the merger is completed, its members will have access to ICU's seven branches and its services, which include online banking, said the newspaper.
In Maryland, the $98 million asset Atlantic Financial FCU, based in Hunt Valley, announced it has acquired ABACO FCU, based in Perry Hall, Md.
The $357,000 asset ABACO served members and their families in petroleum refining manufacturing companies in Baltimore since 1958. It had 108 members.