Belvoir Federal Credit Union in Woodbridge, Va., will be merged into Pentagon Federal Credit Union, the largest merger in PenFed's history.
The $19 billion-asset PenFed, in Alexandra, Va., said its merger with the $324 million-asset Belvoir will close on May 1. PenFed's total assets after the merger closes will be about $20.3 billion, said T. V. Johnson, a credit union spokesman.
PenFed has received all regulatory approvals for the combination, and all required membership votes have taken place, Johnson said.
PenFed has been an active seeker of merger partners in recent months. In February, PenFed
Belvoir was founded in 1946 to serve the Fort Belvoir Army base in northern Virginia. The largest employer in Fairfax County, Va., Fort Belvoir is home to dozens of Army and Defense Department agencies, as well as Army National Guard and U.S. Army Reserve installments. Belvoir FCU has about 27,000 members and five branches, located in Woodbridge, Alexandria, Springfield and on the Fort Belvoir base.
Patricia Kimmel, Belvoir's chief executive, will join PenFed after the merger and will have a leadership role in PenFed's Belvoir operations.
