PEMBROKE PINES, Fla.—Power Financial CU and Ryder System FCU have announced plans to merge.
The $43-million Ryder intends to merge into the $575-million PFCU. The merger is expected to be completed in fall 2016.
"Operational efficiencies will increase as a result of the merger, enabling more value for our combined membership and facilitating the extension of Power Financial Credit Union's impressive suite of convenient, mobile delivery solutions to Ryder System Federal Credit Union members," Power Financial President and CEO Allan Prindle and Ryder System CEO/President/Treasurer Kenneth Glenn said in a joint statement. "We also are excited because the merger affords us an opportunity to expand the benefits and savings of credit union membership to Ryder employees nationwide."
Glenn stated that he plans to retire. In addition, Ryder System FCU Chairman Gene Sevilla-Sacasa will become a director on the Power Financial board.
The merged credit union will operate six branches and eight ATMs throughout South Florida and an ATM in Alpharetta, Ga.
"Becoming a larger, more efficient credit union will help us provide better services to retain our combined current membership and ensure we remain highly competitive, in order to attract new members into the cooperative," Glenn and Prindle noted.
RSFCU is based in Medley, Fla.