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Skyla Federal Credit Union, headquartered in Charlotte, N.C., announced that members of the Pasadena, Calif.-based Parsons Federal Credit Union agreed to merge with Skyla – a move that appeared to solidify Skyla's expansion plans.
"This marks Skyla's move to become a nationally recognized credit union," a statement announcing the merger read.
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Officials with Skyla ($1.1. billion in assets, 93,870 members) said in a statement Dec. 6 that the merger of Parsons ($264.6 million in assets, 9,604 members) with Skyla will be the first expansion of "its footprint beyond the Carolinas region to service members nationally."
According to Skyla, the Parsons merger will be effective Jan. 1, 2023 and a complete conversion of Parsons' member data will finish in August 2023.
"We are pleased to welcome the members of Parsons FCU to the Skyla family," Eric Gelly, president/CEO for Skyla, said. "It's our honor to continue the long history of exemplary service Parsons FCU has delivered to its members since 1975. With this merger, we are confident that our united organization will deliver an even broader range of banking services, technology and resources that Parsons FCU members can leverage to achieve their financial goals."
"At Parsons FCU we have always been committed to being there for our members as they go through their life's journey," Parsons President/CEO Ray Crouse said. "Our merger with Skyla furthers this mission. We are excited to merge our people, products, services and operations to deliver more to our members and have an even greater impact on their lives."
According to the announcement, Gelly will become the president/CEO of the merged credit union and Crouse will become president of the wealth management group and CUSO for the combined organization.
Once the merger is complete, Skyla will add Parsons' two locations in Pasadena, Calif., and Centreville, Va., to its current 17-branch network in North and South Carolina. The two Parsons branches will operate under the Skyla brand.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
