WOODBRIDGE, Va.–The $320-million Belvoir FCU said it will merge into the $20-billion PenFed Credit Union effective May 1.
The merger will bring PenFed’s membership to more than 1.4-million. The largest employer in Fairfax County, Va., Fort Belvoir boasts twice as many employees as the Pentagon.
“The merger between PenFed and Belvoir Federal strengthens the membership, employee opportunities, institutional safety and soundness, and community investment opportunities of both credit unions,” PenFed said in a released statement.
The merger will mean the expansion of PenFed’s field membership to include the Fort Belvoir military community, which is comprised of uniformed personnel, government employees, defense contractors and family members. Fort Belvoir is home to some of the top national defense organizations; including 19 Department of the Army agencies, 26 Department of Defense agencies, and eight elements of the Army National Guard and U.S. Army Reserve.
“PenFed Credit Union also gains an award-winning employee team that is dedicated to member service, five convenient branch locations and an outstanding membership base focused on America's national security,” the credit union said.
"The boards and management teams of both credit unions evaluated the benefits of a joint partnership and determined that collectively, we could enhance the value and experience for the members of our institutions,” said James Schenck, president and CEO of PenFed. “Our number one priority is our members, and together, PenFed and Belvoir Federal can accomplish more for them than if we remain two separate entities."
"This is a wonderful partnership for both credit unions," stated Patricia Kimmel, president and CEO of Belvoir Federal. "As like-minded organizations, we continually strive to make an impact on the communities we serve. PenFed and Belvoir Federal will make an outstanding team."
The merger is being overseen by PenFed's mergers and acquisitions team.