Tower Federal Credit Union announced today that it has receivedall necessary regulatory approval for a merger with the U.S. CoastGuard Community Credit Union. The expected merger date is June30.
|The Office of the Maryland Commissioner of Financial Regulationand the NCUA approved the merger on April 29.
|On Feb. 28, U.S. Coast Guard Community CU members votedoverwhelmingly to merge with Tower FCU. Members will automaticallybecome Tower members at the completion of the merger integration bythe end of June.
|“This merger will strengthen and expand the financialservices available to USCGCCU members,” said Martin Breland,president/ CEO of the Laurel, Md.-based Tower FCU.
|“Our new members will benefit from Tower's expanded electronicservices, with the added convenience of mobile banking, mobileapps, mobile deposit and an online ATM/branch locator. We lookforward to welcoming USCGCCU members to the Tower family and we arecommitted to making the transition to Tower as smooth aspossible.”
|USCGCCU currently serves over 4,000 members in the Anne ArundelCounty and Baltimore city areas with two branches. The partnershipwith Tower will provide USCGCCU members eleven additional communitybranches in Anne Arundel, Baltimore, Howard and Prince George'scounties.
|The merger will increase Tower's assets by $33 million to atotal of nearly $3 billion.
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