The membership of REALTORS Federal Credit Union has agreed tomerge the nation's first virtual credit union into the $2.2 billionNorthwest FCU of Herndon, Va.
|The merger of the 3-year-old, $75 million REALTORS FCU wasapproved Friday at the National Association of REALTORS annualmeeting in Washington and will be effective in 90 days, the creditunion's board chairman said Monday.
|Martin Edwards, who heads up Edwards Investments in Memphis,Tenn., also said there were several other suitors for the 7,000members REALTORS FCU.
|“I can't discuss that but I can say that Northwest had anynumber of advantages including shared branching and its owninterest in building a virtual operation and so this looked likethe best opportunity for us,” Edwards said.
|The credit union has lost money since it was opened in thespring of 2009.
|Edwards echoed Jane Pannier, the REALTORS CEO who is slated totake a management post in Northwest following the merger, in sayingthat the early losses taken by the suburban Maryland credit unionwere expected as it built a platform to reach the 1.2 millionmembers of the national trade group.
|“I did spend time studying what other credit unions could offerand being impressed with the management team at Northwest,” Edwardsadded, noting that Northwest's offices are within blocks of the NARheadquarters.
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