Arlington Community Federal Credit Union in Arlington, Virginia, has agreed to merge with neighboring InFirst Federal Credit Union in Alexandria.
The $431 million-asset Arlington Community said its merger with the $246 million-asset InFirst would create an institution with roughly $700 million of assets and 40,000 members across 12 branches in Virginia, Maryland and Washington. The deal is expected to close sometime in early 2023.
“Our organizations have long shared a passion for financial empowerment, member-centric service and community support. … If the merger proceeds, our collective members, employees and communities will benefit from the strength and synergy of our combined workforces, enhanced products and services, economies of scale and new technologies,” Karen Rosales, president and chief executive of Arlington Community, said in a press release Tuesday.
Rosales will become CEO of the combined credit union, with InFirst’s current president and CEO Martha Wye set to retire at the end of this year. A name for the post-merger institution has yet to be determined.
Arlington Community will retain two of InFirst's board members to serve as volunteer members of its board upon closure of the deal, while also extending offers of employment to InFirst's staff.
“We share a deep-rooted philosophy of giving back to the communities we are honored to serve. … Our proud legacy of serving retired and active federal workers, as well as first responders, aligns beautifully with Arlington [Community]’s longtime partnership with Arlington County employees and public safety departments,” Wye said in the release.
