The $98 million Atlantic Financial Federal Credit Union in HuntValley, Md., said Tuesday it has now completed the merger of thetiny ABACO FCU of Perry Hall, Md.
|The consolidation, said Atlantic, will provide improved productand services to members of the $357,000 ABACO, which has includedpetroleum refining employees and those previously working forChevron Corp. before it relocated facilities out ofstate.
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“ABACO FCU tried to expand but was unable to penetrate furtherinto the market and was unable to grow,” explained Richard T. Webb,president/CEO of Atlantic Financial.
|He noted that ABACO previously had links to the $81 million AnneArundel County Employees FCU, which merged this month with the $2.3 billion State EmployeesCU of Linthicum, Md.
|“Due to this merger, ABACO became an 'orphan credit union,'”Webb said. “We were the only credit union willing to step up andtake them over much like AFFCU's merger with 1stAlliance Federal Credit Union.”
|1st Alliance FCU of Baltimore merged with AFFCU in November2011. 1st Alliance served employees and familymembers of several different printing companies much like ABACO didfor refining firms, Webb said.
|He said Atlantic Financial remains open to future mergers but hestressed, “We don't pursue credit unions for the sake of gettingbigger.”
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