Partnership Federal Credit Union in Arlington, Va., has plans to merge into NASA Federal Credit Union in Upper Marlboro, Md.
The parties recently announced that the proposed transaction remains subject to approval by the members of the $155 million-asset Partnership.
At closing, the combined institution will have nearly $3 billion in assets, 14 branches and more than 172,000 members. The members, assets and employees of Partnership will operate under the NASA FCU name, its federal charter status and its select employee group orientation.
"Both credit unions are financially and operationally strong and neither one needs to merge," Doug Allman, president and CEO of the $2.8 billion-asset NASA, said in a statement. "We are choosing to merge for the benefit of our membership. Given the strength of each institution, this merger will leverage our combined leadership and enable us to provide increased convenience, as well as more competitive products and services, to a greater number of members."
NASA FCU posted net income of $10 million in the first quarter, a 92.4% surge from the same period of 2018. Over that period, the credit union’s total interest income jumped about 35%, to $35 million.
Partnership earned about $190,000 in the first uarter, a 20.6% decline from the same period in 2018.
