Skyla Credit Union in Charlotte, North Carolina, will expand into California and Virginia through its planned merger with Parsons Federal Credit Union in Pasadena, California.
The $1.1 billion-asset Skyla said in a press release Tuesday that members of the $265 million-asset Parsons have approved the merger.
The merger will be effective on Jan. 1, 2023 and member data will convert in August 2023.
"With this merger, we are confident that our united organization will deliver an even broader range of banking services, technology and resources which Parsons FCU members can leverage to achieve their financial goals," said Eric Gelly, Skyla's president and CEO, in the press release.
Gelly will be president and CEO for the newly merged credit union, and Ray Crouse, president and CEO of Parsons, will become the president of the wealth management group and credit union services organization for the combined entity. Crouse has been CEO of Parsons since 2015.
Three members of the Parsons board will join the Skyla board, two as board members and one as an associate board member, the companies said.
With the merger, Skyla will gain two additional branches, one in Pasadena and one in Centreville, Virginia, to its existing 17 branch locations in North Carolina and South Carolina.
Following the merger, the Parsons branches will remain open, operating under the Skyla Credit Union brand.
Skyla earned $7.1 million in the first nine months of 2022, a 26% decrease compared with a year earlier, according to call report data from the National Credit Union Administration.
Parsons lost $506,000 in the first nine months of 2022, after earning roughly $53,000 a year earlier.
