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Officials with two credit unions in southern Maryland announced they've completed the merger between Prince George's Community Federal Credit Union (PGCFCU) and Greenbelt Federal Credit Union.
While there's only an 11-mile space between the Greenbelt, Md.-based Greenbelt FCU ($37 million in assets, 2,518 members) and the Bowie, Md.-based PGCFCU ($254 million in assets, 17,069 members), officials said Friday that the merger is "a significant milestone in its growth and commitment" to serving the southern Maryland area.
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In a statement Friday, officials said the merger was completed on Dec. 31, 2023 and "signifies a strategic move to enhance the financial services offered to the community and strengthen the credit union's position in the region."
The newly-merged credit union, according to details of the merger, will continue to operate under separate names until fully integrated. That integration should take place later in 2024.
Interim manager at Greenbelt, Nichole Velasquez, said, "As interim manager of Greenbelt Federal Credit Union, I am incredibly pleased to join forces with another institution committed to empowering the financial well-being of its members. The combination of business and personal financial solutions, commitment to customer service and devotion to community will only bring value to the residents of Greenbelt."
Diane Brown, president/CEO of PGCFCU, added, "Our team is committed to ensuring that the values and principles that Greenbelt FCU has upheld over the years will be respected and preserved throughout this merger. Together, we aim to create a stronger, more robust financial institution that will better serve the collective interests of our members and the Prince George's County community."
Board chair of PGCFCU, Darryl Jones, said in a prepared statement, "The Prince George's Community Federal Credit Union Board is proud to finally announce this significant milestone in our continued devotion to all Prince George's County residents. The Greenbelt FCU has long been a pillar and resource to their community. Over the past year, our Board and staff have worked diligently to deeply understand their membership needs and goals in an effort to maintain continuity and expand solutions and service offerings simultaneously. We happily welcome the Greenbelt FCU staff and members to our family."
The merged credit union now has nearly 20,000 members and $290,000 in assets with four physical branch locations and a virtual branch.
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Michael Ogden
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.
