Pentagon Federal Credit Union in Alexandria, Va., has agreed to acquire Clovis, N.M.-based High Plains Federal Credit Union.
The $20 billion-asset PenFed CU said in a news release on Monday that the merger will result in the integration of High Plains Federal CU's entire staff, two branches, $39 million in assets and 6,000 members.
The cost of the acquisition was not disclosed. The deal is expected to close in November.
High Plains Federal CU is located in New Mexico's Curry County, home to more than 10,000 active-duty personnel and military family members at Cannon Air Force Base.
"The merger with High Plains Federal Credit Union enables us to join and gain access to a very dynamic community, to which we bring decades of expertise in serving the nation's defenders," James Schenck, president and chief executive of PenFed Credit Union, said in the release.
High Plains Federal CU's merger with PenFed CU will enable it "to leverage the size and scale of PenFed to do more for both its members and employees," Marty Tressell, the credit union's CEO, said in the release.
PenFed has been on purchasing spree since December, when it announced mergers with NAVFAC Federal Credit Union in Honolulu, Hawaii, and AAFES FCU in Dallas. In February, the credit union
