In an emergency move coordinated by the NCUA, the $553 million Justice Federal Credit Union of Chantilly, Va., said Thursday it is merging the ailing $13.2 million Georgia Department of Public Safety Credit Union effective May 31.
The consolidation is Justice FCU’s first expansion into Atlanta and its first merger since the late 1990s.
Joan Marsh, vice president of retail delivery systems at Justice, said NCUA first invited her credit union among others to bid on the Georgia credit union in April and that it won final NCUA approval on May 7.
Georgia Department of Public Safety CU, which services Atlanta law enforcement agencies, has a net worth of 2% and lost $1.4 million last year and $370,000 in 2010.
Justice FCU said in a statement that the merger represents a good, easy fit for the D.C. credit union which serves employees of the departments of Justice and Homeland Security as well as other law enforcement communities, associations and contractors.
Justice FCU has 51,000 members and 23 branches in five states and the District of Columbia.
Georgia Department of Public Safety CU has two Atlanta branches, serves administrative employees of the Department of Public Safety, Georgia State Patrol, the Georgia Bureau of Investigation and the Department of Driver Services. Justice FCU said it plans to add a third Atlanta metro branch.
Marsh said Justice FCU was represented at a bidders meeting in April in which “there were five, six or seven other interested credit unions” and that she is gratified that her credit union was finally selected.
The new offices in Atlanta come as Justice FCU expands its ATM operation in the Miami area and plans to open a new branch in Chicago in July.
The overall vision of Justice “is to be the premier financial partner with the Justice, homeland security and law enforcement community,” the Justice FCU statement concluded.