LAUREL, Md. Tower FCU has agreed to acquire ailing U.S. Coast Guard Community CU, a $34-million, privately insured Baltimore credit union.
The Coast Guard credit union, which is insured by American Share Insurance, lost $245,000 in 2012 and has reported losses for four years in a row.
Tower is the one-time National Security agency employees’ credit union. It has $2.5 billion in assets.
The proposed merger, expected to be complete by June 30, is waiting for regulatory approvals from the NCUA and the Maryland Commissioner of Financial Regulation.
