The $20.1 billion PenFed Credit Union announced Monday itsfourth merger of the year after members of the $38.5 million HighPlains Federal Credit Union of Clovis, N.M. voted to merge lastweek with the Alexandria, Va.-based cooperative.

Results of the final vote count were not disclosed.

Clovis is about eight miles from Cannon Air Force Base, home tomore than 10,000 active duty personnel. Civilian workers employedby the base, military retirees and veterans account for anadditional 13,000 people who live in the Clovis county ofCurry.

“The merger with High Plains Federal Credit Union enables us tojoin and gain access to a very dynamic community—to which we bringdecades of expertise in serving the nation's defenders,” JamesSchenck, president/CEO of PenFed FCU said. PenFed is aprimarily military multiple common bond cooperative.

The merger is expected to be finalized in November.

In addition to serving more than 6,000 members, High Plains FCUoperates two branches and has 21 full-time employees and 7part-time employees, according to the credit union's CallReport.

Like many small credit unions, High Plains FCU has beenstruggling financially. From the end of 2014 to June 2016, thecredit union has posted a total net income loss of more than$730,000, according to NCUA financial performance reports.

High Plains FCU's net worth was 8.50% at the end of the secondquarter, lower than the peer average of 12.56%, while its ROAA was-0.77%, lower than the peer average of 0.30%, according to NCUAfinancial performance reports.

Nonetheless, PenFed'sSenior Vice President for Mergers and Acquisitions Ricardo Chamorrosaid New Mexico is a prime state for cultivating merger partnershipopportunities.

“We will continue to explore possibilities as we believe we canadd tremendous value to all stakeholders in any futurepartnership,” he said.

Earlier this year, the $65 million Fort Gordon and CommunityCredit Union in Fort Gordon, Ga., the $333 million Belvoir Federal Credit Union in Woodbridge, Va. and the $45million Alamo Federal Credit Union in San Antonio, consolidatedwith PenFed.