The president/CEO of Educational Systems Federal Credit Union said Friday that charging members a fee in a merger deal may be breaking new ground but that it's only fair to his existing members.
The $388 million, 39,800-member ESFCU of Greenbelt, Md., is charging members of the $401 million, 57,700-member Montgomery County Teachers FCU of Derwood, Md., a $35 one-time fee as the merger nears conclusion.
“We've already gone through quite a bit to put together this merger and so we feel it is only fair that our own members do not get saddled with the expense, which is why we have asked for the extra fee,” said Chris Conway, who was a former executive and longtime member of MCT FCU before taking the top job at ESFCU.
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