Tower Federal Credit Union announced today that it has received all necessary regulatory approval for a merger with the U.S. Coast Guard Community Credit Union. The expected merger date is June 30.
The Office of the Maryland Commissioner of Financial Regulation and the NCUA approved the merger on April 29.
On Feb. 28, U.S. Coast Guard Community CU members voted overwhelmingly to merge with Tower FCU. Members will automatically become Tower members at the completion of the merger integration by the end of June.
“This merger will strengthen and expand the financial services 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 electronic services, with the added convenience of mobile banking, mobile apps, mobile deposit and an online ATM/branch locator. We look forward to welcoming USCGCCU members to the Tower family and we are committed to making the transition to Tower as smooth as possible.”
USCGCCU currently serves over 4,000 members in the Anne Arundel County and Baltimore city areas with two branches. The partnership with Tower will provide USCGCCU members eleven additional community branches in Anne Arundel, Baltimore, Howard and Prince George’s counties.
The merger will increase Tower’s assets by $33 million to a total of nearly $3 billion.