Queen of Peace Arlington Federal Credit Union has merged into Arlington Community Federal Credit Union.
The merger, which was effective Oct. 1, created an institution with almost 22,500 members.
“This merger is a natural fit based on our shared values and dedication to the Arlington Community,” Karen L. Rosales, president and CEO of Arlington Community, said in a statement on Tuesday.
Queen of Peace was based in Arlington, Va., and had about $2.6 million in assets prior to the merger. It was founded in 1964 and had one limited service branch, which Arlington Community will continue to operate. The institution’s one employee, former CEO Daniel Morrisey, is also staying on.
Based in nearby Falls Church, Va., Arlington Community had about $319 million in assets prior to the merger.
Arlington Community earned about $550,000 in the first half of 2018, down about 1.5 percent from the same period in 2017.
Queen of Peace recorded net income of about $7,000 in the first half of this year, down about 4 percent from the prior year’s comparable period.
