Atlantic Financial Merges ABACO FCU in Maryland
The $98 million Atlantic Financial Federal Credit Union in Hunt Valley, Md., said Tuesday it has now completed the merger of the tiny ABACO FCU of Perry Hall, Md.
The consolidation, said Atlantic, will provide improved product and services to members of the $357,000 ABACO, which has included petroleum refining employees and those previously working for Chevron Corp. before it relocated facilities out of state.
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“ABACO FCU tried to expand but was unable to penetrate further into the market and was unable to grow,” explained Richard T. Webb, president/CEO of Atlantic Financial.
He noted that ABACO previously had links to the $81 million Anne Arundel County Employees FCU, which merged this month with the $2.3 billion State Employees CU of Linthicum, Md.
“Due to this merger, ABACO became an ‘orphan credit union,’” Webb said. “We were the only credit union willing to step up and take them over much like AFFCU’s merger with 1st Alliance Federal Credit Union.”
1st Alliance FCU of Baltimore merged with AFFCU in November 2011. 1st Alliance served employees and family members of several different printing companies much like ABACO did for refining firms, Webb said.
He said Atlantic Financial remains open to future mergers but he stressed, “We don’t pursue credit unions for the sake of getting bigger.”