Citing economies of scale, the $61 million Desert Energy Credit Union of Tucson, Ariz., has agreed to a voluntary merger with the $330 million Pima FCU.
The merger, in the works for more than a year, brings together “two strong credit unions that have had much success,” said Nathanael Tarwasokono, president/CEO of Pima, also headquartered in Tucson.
Officials acknowledged that both CUs suffered first-quarter losses due to the corporate stabilization: Pima reported a $2.3 million loss and Desert Energy was out $451,000.
—jrubenstein@cutimes.com