A credit union of $750 million in assets, Maryland's seventhlargest, would be created by a proposed merger announced Thursdaybetween the $367 million Educational Systems FCU and the ailing$384 Montgomery County Teachers FCU.

Educational Systems of Greenbelt said a letter of intent hasbeen signed between the two credit unions to establish “the largesteducation-based credit union in the region, serving educators andstudents as well as their families in six Maryland counties.”

MCT FCU of Rockville lost $6 million in 2010, narrowing theloss last year to $739,000 but still retained 4.4% networth.

“We are pleased to explore a merger with Educational SystemsFCU, a like-minded credit union which will preserve MCT's 60-yearlegacy of service to the education community of Montgomery County,”said Tom Hickman, MCT FCU's chairman. “We have found a partner whotruly shares a similar history, membership, and mission to help themembers of the education community achieve their financial goalsand dreams.”

Educational Systems FCU serves the educator communities inPrince George's, Charles, St. Mary's, Calvert and Talbot counties.It reported a $2.9 million net for 2011 and net worth of 9.5%.

The combined credit union would have more than 95,000 member and10 branches and serve Washington suburbs stretching to the EasternShore.