ALEXANDRIA, Va. — The Central Credit Union Fund and Members United Corporate FCU formally announced today the NCUA approval of the merger.
NCUA approval was the final step in the process for the duo. Plans are in motion to merge the Central Fund into Members United later this year with back office functions consolidated into Members United's existing infrastructure but maintaining member contact staff in Massachusetts as well as the office there.
"This merger was, is and will continue to be for the benefit of Central Fund members. Of note, they will soon be able to enjoy a broader array of competitive products and services," Central Fund President/CEO James L. Van Arsdale said.
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"We look forward to serving the needs of their members with the customized, one-on-one member service approach Members United is proud to offer to all of its members," stated Joseph P. Herbst, Members United CEO. He assured that Central Fund's members would be well represented at Members United, both at the officer and volunteer levels.
The Central Credit Union Fund, with total assets in excess of $267 million located in Auburn, Mass., is the nation's first corporate credit union. Members United has $12.9 billion in assets and serves over 2,100 credit unions nationwide.
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