BALTIMORE NCUA has cleared the merger of ailing U.S. Coast Guard Yard CU, one of three surviving privately insured credit unions in Maryland, into giant Tower FCU in nearby Laurel, Md.
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U.S. Coast Guard Yard CU is a $34-million credit union serving civilian employees of the U.S. Coast Guard Yard and Surface Forces Logistics Center in Baltimore. It has reported losses for five years in a row, including a $136,000 loss for the first quarter of 2013.
Tower FCU is a $2.5-billion credit union that is sponsored chiefly by the National Security Agency.
