SAN FRANCISCO – Navy FCU has acquired two on-base branches north of here from 1st United Services CU, as the credit union giant continues to grow its branch network by leaps and bounds.
The two newest branches are at Naval Air Stations in Lemoore, in Northern California, and in Fallon, in Nevada. The $700 million 1st United Services CU said it sold the two branches to focus more on building on its new community charter in the San Francisco Bay Area. Financial terms of the sale were not disclosed.
Navy FCU is in the midst of a branch-building frenzy never before seen among credit unions, having added 31 branches in 2007, with another 30 planned this year. The $33 billion credit union operates almost 140 branches.
1st United Services is a conglomeration of credit unions that once served Navy stations in Alameda, Lemoore and Concord, Calif., and Fallon, Nev., then converted to a community charter in 2001 serving Alameda and Contra Costa counties.
NAS Lemoore is the home to the Navy’s Pacific Strike Fighter Wing and NAS Fallon is the home to the Naval Fighter Weapons School, known as Top Gun.
The two credit unions will operate the branches jointly from March 3 to March 25, with Navy taking over on March 28. Navy FCU plans to retain the 1st United Services staff at the two branches.
Members at the two branches will have the option of joining and/or participating in either credit union.
