A credit union of $750 million in assets, Maryland’s seventh largest, would be created by a proposed merger announced Thursday between the $367 million Educational Systems FCU and the ailing $384 Montgomery County Teachers FCU.
Educational Systems of Greenbelt said a letter of intent has been signed between the two credit unions to establish “the largest education-based credit union in the region, serving educators and students as well as their families in six Maryland counties.”
MCT FCU of Rockville lost $6 million in 2010, narrowing the loss last year to $739,000 but still retained 4.4% net worth.
“We are pleased to explore a merger with Educational Systems FCU, a like-minded credit union which will preserve MCT’s 60-year legacy of service to the education community of Montgomery County,” said Tom Hickman, MCT FCU’s chairman. “We have found a partner who truly shares a similar history, membership, and mission to help the members of the education community achieve their financial goals and dreams.”
Educational Systems FCU serves the educator communities in Prince George’s, Charles, St. Mary’s, Calvert and Talbot counties. It reported a $2.9 million net for 2011 and net worth of 9.5%.
The combined credit union would have more than 95,000 member and 10 branches and serve Washington suburbs stretching to the Eastern Shore.