Pentagon FCU Extends AcquisitionBinge
ALEXANDRIA, Va. - (02/23/05) -- Pentagon FCU said it has acquiredanother credit union, its sixth-merger mate in the past two years.The acquisition of Budget FCU, serving employees of the White HouseOffice of Budget and Management, is the first by Pentagon of anon-defense credit union. The $10 million Budget FCU has requestedthe merger because it was experiencing diminishing net worth--downto just 7.3% at September 30 last year. Frank Pollock, president ofPentagon FCU, acknowledged the merger was a departure from thecredit union's normal field of membership. "But we thought therewas some potential there," he told The Credit Union Journal.Pentagon, the nation's third largest credit union with $7.3 billionin assets, has added significantly to its field of membershipthrough the mergers. Over the past two years Pentagon has alsoacquired: Fort Shafter FCU, Coast Guard Employees FCU; D.C.Veterans Affairs Medical Center FCU and Fort Hood MilitaryFCU.