Lafayette Federal Credit Union, Kensington, Md., on Tuesday said it completed the acquisition of $77 million CSC Employees Federal Credit Union of Falls Church, Va., which will continue as a division of LFCU.
The merger, which became official on Jan. 1, was approved by NCUA. The plan
CSC Employees FCU has 7,021 members, according to NCUA. Lafayette FCU has 15,040.
Lafayette FCU, a $411 million credit union that has served the Washington, D.C., area for the past 80 years, said the addition of the resources of CDC Employees will increase both business and consumer offerings to members and potential members.
"We are beyond excited about what this combined credit union brings to both membership groups," Lafayette FCU Chairman Norman Cohen said in a statement. "Adding together the capabilities, experience and vision of the financial professionals from the two entities positions us for success for many years to come. We could not be more delighted about this partnership and know it will result in a bigger and absolutely better than ever credit union."
According to Cohen, the merger gives members from both credit unions a myriad of benefits, including more competitive rates, additional deposit and loan products and an increased number of branch offices, among many others.
In addition to greater levels of member service and new membership opportunities, the newly-formed credit union said its greater resources will allow it to diversify risk and expand community support programs.
Its consumer product line will continue to include no-fee checking accounts with online and mobile banking and bill payment, savings accounts, mortgage programs for purchase, refinance or home equity loans, an assortment of low-rate consumer loans and much more. On the business side, it will offer dividend-earning business checking, business loans, remote deposit check capture and many other items.
