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PenFed sign at its headquarters in Tysons Corner, Va. PenFed sign at its headquarters in Tysons Corner, Va. (Source: Shutterstock)

Because of its deteriorating financial performance, the $132 million Aspire Federal Credit Union in Clark, N.J., has merged into the $26.7 billion Pentagon Federal Credit Union in McLean, Va.

Though the consolidation took effect on April 1, it was approved as a supervisory merger on Feb. 22 by NCUA Regional Director John Kutchey. The consolidation did not require the NCUA board’s approval, according to an NCUA spokesperson.

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Peter Strozniak

Credit Union Times

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