The $45 million Alamo Federal Credit Union became the first cooperative in San Antonio in 1930, and it will make its last stand this summer when it merges with the $19.9 billion Pentagon Federal Credit Union in Alexandria, Va.
This is PenFed's third merger deal this year and its fifth since December 2015.
When the merger is completed in early August, it will push PenFed's assets to nearly $20 billion and increase its membership by 5,241 for a total of 1,405,730 members.
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