USAlliance Federal Credit Union in Rye, New York, has agreed to merge with Marriott Employees' Federal Credit Union in Bethesda, Maryland.
Upon approval of the deal, the 23,000 members of the $192 million-asset MEFCU would gain access to an expanded line of products and services, including better dividend rates, an elevated offering of loan types and digital banking solutions.
"We are proud of the products and services we offer our 140,000-plus members across the United States and are confident that MEFCU members will find value in our expanded services and offerings," USAlliance CEO Kris VanBeek said in a press release Monday.
The merger has been approved by the boards of the two credit unions but remains subject to approval by the National Credit Union Administration and the members of Marriott Employees' Federal Credit Union.
The combination would be $2.6 billion-asset USAlliance's ninth merger or acquisition announced in the past 12 years.
Van Cortlandt Cooperative Federal Credit Union's deal to merge into USAlliance FCU was
USAlliance was formed in 1966 to serve a small group of IBM employees. Today its members include the employees of American Express, PepsiCo and IBM.
"With its size and reach, USAlliance is uniquely qualified to address the needs of our diverse membership," Susan Wolfe, chief executive of MEFCU, said in the press release. "Through this merger, our members will be able to benefit from state-of-the-art banking tools and additional products and services that USAlliance has to offer."
USAlliance FCU earned $18.3 million in the first nine months of 2022, a 23% decrease compared with a year earlier, according to call report data from the NCUA.
Marriott Employees' Federal Credit Union lost $611,000 in the first nine months of 2022 after losing $1.2 million a year earlier.
