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News Now

CU System
NCUA approves two mergers in D.C. area
WASHINGTON (3/2/09)--The National Credit Union Administration (NCUA) approved two credit union mergers in the Washington, D.C., area. The agency approved the merger of NSF CU--which serves members of the National Science Foundation and Secret Service employees--with FDIC FCU, serving employees of the Federal Deposit Insurance Corp. and their families (Washington Business Journal Feb. 27). The two credit unions aim to obtain increased efficiencies by consolidating back-office operations, Theresa Mann, CEO of FDCI FCU, told the Journal. The combined credit union will have four branches, 34 employees and $100.6 million in assets. NCUA also approved the merger of K.C. Councils FCU, College Park, Md., into Money One FCU, Largo, Md. K.C. Councils serves members of Prince George’s County Knights of Columbus. Money One--founded to serve Safeway Stores Inc. workers--now serves 225 employee groups. The credit unions are merging to obtain economies of scale, Debbie Connors, CEO of Money One, told the Journal. Members of the two credit unions will vote on the pending deal today.


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