In a change of heart, Maryland’s $388 million Educational Systems Federal Credit Union is putting to rest the idea of a merger conversion fee to help defray expenses in its takeover of the once-ailing $401 million Montgomery County Teachers FCU of Derwood, Md.
Tuesday order did not catch merger partner unaware, Educational Systems president/CEO says.
Maryland credit union in process of merging with Educational Systems FCU.
Credit unions' cooperative nature demonstrated in lack of hard feelings in merger and field of membership expansion overlap.
Educational Systems and Montgomery County Teachers similar in size, have long geographic, people ties.
Merger would create $750 million credit union, the state's seventh largest.