Lafayette Federal Credit Union, a $391-million institution based in Kensington, Md., said it plans to merge CSC Employees Federal Credit Union, a $77-million institution based in Falls Church, Va. into Lafayette FCU.
Subsequently, the current CSC entity will continue operations as a division of Lafayette FCU.
Lafayette FCU and CSC have already received preliminary approval for the proposed transaction from NCUA.
Closing of the merger remains subject to approval by a vote of CSC members.
CSC currently has about 7,000 members, while Lafayette FCU has nearly 15,000.
"We are beyond excited about what this combined credit union will bring to both membership groups," said Lafayette FCU chairman Norman Cohen in a statement. "Adding together the capabilities, experience and vision of the financial professionals from the two entities will position us for success for many years to come. We couldn’t be more delighted about this partnership and know it will result in a bigger and absolutely better than\ever credit union."
