The Partnership FCU to merge with Fairfax City FCU
The Partnership Federal Credit Union and Fairfax City FCU are set to merge on July 1, having recieved approval from Fairfax City's membership and the National Credit Union Administration.
The combined credit union will continue to operate under the banner of The Partnership FCU. Theresa Mann, the current chief executive officer of The Partnership FCU, will continue to manage the combined credit union.
Based in Arlington, Va., the $157 million Partnership FCU has about 10,500 members, while the $2.2 million Fairfax City FCU, based in nearby Fairfax, Va., serves about 400 members. Fairfax City FCU was originally formed in 1968 to serve Fairfax City employees, their immediate families, and retirees.
As a result of the merger, the former Fairfax City FCU members will gain access to more than 5,000 shared branches nationwide, including 15 in Fairfax and Prince William counties in Virginia; access to more than 30,000 surcharge-free ATMs, including nearly 200 in Fairfax and Prince William counties; as well as access to various online banking products and services.
“At The Partnership FCU we believe in providing value through partnership to those who advance and promote the interests of the public,” said Mann in a statement “We are excited to bring this value to Fairfax City FCU members through this merger, and provide them with more services, more account access and more of the banking options they deserve.”
Michelle Barnes, marketing and relationship manager at Partnership FCU, said that both part-time employees of Fairfax City FCU – including Fairfax CEO Cheryl H Dickerson -- have been offered employment with The Partnership FCU.
Should they choose not to accept employment, she added, each will be able to choose a “reasonable severance package” which was approved by the Fairfax City FCU board of directors.
In 2016, Fairfax City FCU generated net income of about $10,600, after posting net income of approximately $9,250 the prior year.
Meanwhile, The Partnership FCU recorded net income of about $73,800 in 2016, down sharply from about $307,700 in 2015.