Two Washington, D.C.-based credit unions are planning to merge.
The $16 million-asset Georgetown Federal Credit Union announced it would merge with $258 million-asset PAHO/WHO Federal Credit Union on July 1.
“Today’s ever-changing economic conditions and the need to keep up with innovations as well as our commitment to offering the best financial products and services to our members prompted this decision,” Michael Ray, CEO of Georgetown FCU, said in a press release. “By joining with PAHO/WHO FCU, our members will not only be part of a credit union that shares our member focus and beliefs, but they will have access to even more value in the years ahead.”
The combined institution will serve more than 7,500 members.
“Our credit unions share similar beliefs, which include a deep commitment to providing value, education and financial options to all members. We look forward to serving the Georgetown University faculty and staff, the employees of MedStar Georgetown University Hospital and the MedStar Health Faculty Practice Group and Community Practice Network continuing our long tradition of providing financial products for the members of the global health community," said Miguel Boluda Jr., chief executive of PAHO/WHO FCU.
Georgetown FCU lost $170,000 in 2020 after losing $166,000 the year before, according to call report data from the National Credit Union Administration.
PAHO/WHO FCU earned $655,000 last year, compared with $641,000 in 2019.
