The $41 billion Navy Federal Credit Union today announced it will merge the $604 million United Services of America Federal Credit Union. Both boards have approved the merger, Navy Fed said in a release.
Pending approval by NCUA, the two credit unions plan to begin joint operations Oct. 1. Navy Fed will keep all of the San Diego-based USA Fed's 19 branches, including 11 military base branches in Japan and Korea.
Jennifer Sadler, Navy Fed public relations manager, said her institution will offer positions to all USA Fed employees, including CEO Mary Cunningham and other senior managers. However, she declined to discuss what roles they may fill.
USA Fed's San Diego headquarters building will become Navy Federal's West Coast operations center, and will support plans to expand in the San Diego area over the next six years, Sadler said.
"The merger with USA Federal Credit Union is a great opportunity for both of our credit unions as we unite our members, employees and operations," Navy Federal President/CEO Cutler Dawson said in the release. "This is important for us because it strengthens our presence in Southern California and expands our branch access for members--here and overseas."
The combined credit union will have more than 200 branches worldwide, more than $43 billion in assets and more than 3.5 million members.