Montgomery County Employees Federal Credit Union in Germantown, Md., has significantly expanded its field of membership through a new community charter.
The $145 million-asset institution said on Monday that the charter granted by the National Credit Union Administration will now allow it to serve people in Montgomery and Frederick counties in Maryland and the District of Columbia. It can also serve the cities of Alexandria and Falls Church and Arlington County in Virginia.
The credit union formerly served employees and families of Montgomery County government and workers of the credit union’s various select employee groups.
“The employees of Montgomery County government will always be at the core of our credit union,” CEO Jim Norris said in a statement. “However, we realized that our narrow field of membership restricted us from serving our diverse and changing community.”
The expansion comes on the heels of the credit union receiving both a Community Development Financial Institutions Fund grant and Juntos Avanzamos designation. It said these developments will allow it better reach underserved communities in the area.
The credit union posted net income of $347,930 through the first nine months of 2018, a 50 percent drop from the same period in 2017. Noninterest expenses rose about 13 percent, to $5.3 million, for that same period compared with a year earlier.
