GREENBELT, Md. – Educational Systems FCU, which serves the educational community in five suburban Washington counties, has agreed to merge with troubled Montgomery County Teachers FCU to create Maryland’s seventh-largest credit union with almost $800 million in assets.
MCT FCU, which is based in the D.C., suburb of Rockville, Md., reported losses for four years in a row and net worth of just 4.4% at year-end 2011, as its assets declined from a high of $458 million in 2008 to $384 million.
“We welcome the members, volunteers and staff of MCT FCU to our organization,” said Rosemary Brinkley, Educational Systems FCU’s Chairman. “Together, we hope to create the premier financial services provider for the education community.”
“We are pleased to explore a merger with Educational Systems FCU, a like-minded credit union which will preserve MCT’s 60-year legacy of service to the education community of Montgomery County,” said Tom Hickman, MCT FCU’s Chairman. “We have found a partner who truly shares a similar history, membership, and mission to help the members of the education community achieve their financial goals and dreams.”
Educational Systems FCU serves the education communities in Prince George’s, Charles, St. Mary’s, Calvert and Talbot Counties. It reported a $2.9 million net for 2011 and net worth of 9.5%.
The combined credit union would span six Maryland counties from the Washington suburbs to the Eastern Shore, would have nearly $800 million in assets, more than 95,000 members, and 10 branches.
