The membership of $149 million-asset The Partnership Federal Credit Union in Arlington, Va., voted to approve merger of the institution into $2.7 billion-asset NASA Federal Credit Union, Upper Marlboro, Md.
The two credit unions
A pre-merger FAQ from The Partnership explained that the credit union’s board determined a merer with NASA would better serve members by consolidating both institutions “energies and resources” for competitive purposes
“Unlike other mergers that are designed to make money for stockholders, this merger is for you, our member. This merger will result in a wider variety of competitive services, products and conveniences,” the credit union said.
According to information on NASA FCU’s website, branches of The Partnership FCU will close the afternoon of Friday, Sept. 27 and reopen as NASA Federal branches on Tuesday, Oct. 1. The deal is expected to add 12 additional branches to NASA FCU’s brick-and-mortar network across Maryland, Virginia and the District of Columbia, along with improved online features for former Partnership members and more.
Doug Allman, CEO of NASA FCU, will remain at the helm of the combined institution, while Partnership FCU CEO Theresa Mann will become VP and chief risk officer for NASA FCU. All Partnership employees were expected to be offered positions at NASA Federal.
According to information on NASA FCU’s website, branches of The Partnership FCU will close the afternoon of Friday, Sept. 27 and reopen as NASA Federal branches on Tuesday, Oct. 1. The deal is expected to add 12 additional branches to NASA FCU’s brick-and-mortar network across Maryland, Virginia and the District of Columbia, along with improved online features for former Partnership members and more.
According to its most recent call report, The Partnership Federal Credit Union had $468,721 in net income during the first six months of this year, up 12.6% from the $415,943 it earned in the first half of 2018. As of June 30, 2019, its net worth ratio was 9.85% (“well capitalized”).
NASA Federal Credit Union listed net income of $20,887,834 for the first half of 2019, up 78.8% from the $11,677,031 in had for the first six months of last year. As of June 30, 2019, its net worth ratio was 10.0% (“well capitalized”).
Members of The Partnership FCU are being advised online banking, mobile banking and telephone banking will not be available for parts of Sept. 30 and Oct. 1. Partnership members will receive a free order of NASA Federal checks prior to Oct. 1, but they will be able to use their current checks until March 31, 2020.
NASA FCU debit and ATM cards will be mailed to Partnership FCU members before Oct. 1. Their current debit and ATM Cards will stop working at 5:59 a.m. ET on that day.
