Navy Federal Credit Union, the $82 billion institution based in Vienna, Va., has merged with Fort Meade Community Credit Union of Fort Meade, Md.
The merger became effected on July 17, when FMCCU's two branches began to transition into becoming the newest Navy FCU locations.
Navy FCU expects a completion of the transfer of all FMCCU accounts by August 31. The merger was approved by National Credit Union Administration on June 19.
On a combined basis, based on data as of May 31, the merged entity will have approximately 7.14 million members.
FMCCU told its members it decided to merge because the credit union “wants the best for its members, and as both credit unions are focused on serving the military,” it felt a partnership with Navy Federal “would be the best way to make that happen.”
In a letter to the former FMCCU members, Navy FCU’s president and CEO Cutler Dawson wrote: “As a Navy Federal member, you’ll continue to access a growing network of nearly 300 worldwide branches, thousands of free ATMs nationwide, 24/7 live phone support, and convenient mobile and online banking.”
Navy FCU further said that all FMCCU employees, including CEO Jacqueline Smith, were offered employment with Navy FCU. Navy FCU last acquired a credit union in 2014 when it merged with Elizabeth City Coast Guard Employees CU of Elizabeth City, N.C.
