PEMBROKE PINES, Fla. -- Power Financial Credit Union, a $575 million institution here announced Monday that it will merge with the $43 million Ryder System FCU.
The merger is expected to be completed this fall, subject to the necessary regulatory approvals and a vote by the members of Ryder System FCU. After the deal is complete, the new institution will keep the Power Financial CU name and be headquartered in Pembroke Pines.
The merged credit union plans to operate six branches and eight ATMs throughout South Florida and an ATM in Alpharetta, Ga., serving more than 40,000 members.
Ryder System serves employees and family members of Ryder System Inc., the rental truck, commercial fleet management and transportation company. Power Financial serves employees and families of Florida Power and Light, Homestead Air Force Base, Pan Am Airlines and National Airlines.
Power Financial CU's president and chief executive officer, Allan M. Prindle, and Ryder System FCU's CEO, president and treasurer Kenneth A. Glenn said in a joint statement: "Operational efficiencies will increase as a result of the merger, enabling more value for our combined membership and facilitating the extension of Power Financial CU's… suite of convenient, mobile delivery solutions to Ryder System FCU members."
Upon closing, Prindle will remain president and CEO of the combined entity; Glenn plans to retire.
Also, Gene Sevilla-Sacasa, the chairman of Ryder System and VP of international supply chain solutions at Ryder System Inc., will become a director on Power Financial CU's board of directors.
