Two Washington-area credit unions, FDIC FCU and National ScienceFoundation FCU, have merged to form the $105 million PartnershipFCU.
The new entity, with 11,000 members and four branches, has beenin the talking stages since 2007 and represents “a new direction, anew business model for the small, single-sponsor credit union”particularly for government-linked CUs, said Theresa Mann,president/CEO.
In the current environment, single-sponsor CUs are finding it “moredifficult and complex” to grow without achieving back-officeeconomies, said Mann. Such efficiencies for the two CUs can beachieved through the new Partnership brand.
Once the Partnership operation is fine-tuned, she said, herArlington, Va.-based CU hopes to add more CUs in theMaryland-D.C.-Virginia area.
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