HAWTHORNE, Calif. — Members of $21 million British Airways Employees Federal Credit Union voted "overwhelmingly" to approve a merger into $440 million SkyOne Federal Credit Union, based here.
Prior to the merger, BAEFCU had 2,200 members while SkyOne FCU had 35,000.
BAEFCU officially became part of SkyOne on Oct. 1. Its member data will be converted to SkyOne on Nov. 1. After that date, all services will be offered under the SkyOne brand and all BAEFCU assets and liabilities will be absorbed by SkyOne.
The two CUs noted they already were collaborating prior to the member vote. BAEFCU's main office, which was located in British Airways' Cargo building at JFK Airport in New York, was vacated due to the recent acquisition of Aer Lingus by British Airways' parent company, International Airlines Group. BAEFCU was asked to relocate its office space to accommodate Aer Lingus employees. SkyOne offered to share its office in nearby Briarwood, N.Y., minimizing any disruptions to BAEFCU services.
"The merger between SkyOne and BAEFCU was a clear choice," Mike Lotz, general manager of British Airways Employees FCU, said in a statement. "We share a common bond of serving the air transportation industry, and coming together creates greater economies of scale that enables us to deliver more technology and more flexibility to help members manage their money."
"British Airways EFCU is an ideal partner for SkyOne," said Eileen Rivera, president and CEO of SkyOne, who will retain that role in the combined entity. "The credit union shares our commitment to providing excellent member service, it is financially strong, and its roots in the airline industry align perfectly with SkyOne."
