A small Maryland credit union with less than $1 million in assets is seeking approval from members to merge with Nymeo FCU in Frederkick, Md.
MBFT Federal Credit Union in Thurmont, Md., serves just 131 members with $521,000 in assets. Those members have been asked to participate in a Zoom meeting on Sept. 23 or mail in ballots by that date to approve the merger.
A notice to MBFT members explained that the credit union has struggled for years to find volunteers to serve on its board and credit committees. Merging with Nymeo will also broaden the range of products and services available to members, including offering checking accounts, CDs, mortgages and credit cards.
MBFT earned $540 for the first six months of the year, an improvement over the more than $5,400 it lost during the first two quarters of 2019, according to call report data from the National Credit Union Administration. It holds about $142,000 in total loans, concentrated in auto and unsecured lending.
Nymeo — an anagram of “money” —
