Pentagon Adds to FOM Via Merger
Pentagon FCU said it has acquired another credit union, its sixth-merger mate in the past two years.
The acquisition of Budget FCU, serving employees of the White House Office of Budget and Management, is the first by Pentagon of a non-defense credit union.
The $10-million Budget FCU has requested the merger because it was experiencing diminishing net worth-down to just 7.3% at Sept. 30 last year.
Frank Pollock, president of Pentagon FCU, acknowledged the merger was a departure from the credit union's normal field of membership. "But we thought there was some potential there," he told The Credit Union Journal.
Pentagon, the nation's third largest credit union with $7.3 billion in assets, has added significantly to its field of membership through the mergers.
Over the past two years Pentagon has also acquired: Fort Shafter FCU, Coast Guard Employees FCU; D.C. Veterans Affairs Medical Center FCU and Fort Hood Military FCU.