Members of the $32 million U.S. Coast Guard Community Credit Union in Pasadena, Md., have approved a merger with the $2.5 billion Tower Federal Credit Union in Laurel, Md.
Sixty-eight members voted Thursday in favor of the merger, and 10 members voted against the merger, according to Carla Burger, a marketing communications representative for the 125,530-member Tower FCU.
USCGCCU has 3,978 members. Seven USCG employees formed the credit union in 1940, pooling their money to help themselves and their friends to save and borrow at reasonable rates during difficult times.
The proposed merger, expected to be complete by June 30, is waiting for regulatory approvals from the NCUA and the Maryland Commissioner of Financial Regulation.