WASHINGTON—Department of Commerce Federal Credit Union announced that it is acquiring White House FCU.
The merger is expected to be completed in the first half of 2016. White House FCU reported a loss of $71,850 on its Sept. 30 5300 report. Its net worth was 7.39%.
The combined organization will have total assets of $395 million, 59 employees and three branches.
“We are excited about the upcoming merger with DOCFCU,” said Tina Blackwell, CEO of the $54-million White House FCU. “Our members will be able utilize the electronic services currently offered by DOCFCU. And they will enjoy the high deposit rates that are a long tradition of DOCFCU.”
Evan Clark, CEO of Department of Commerce FCU, said his credit union is “happy to welcome White House FCU members and staff to our credit union family. Having White House FCU merge into DOCFCU will give us the additional employees we need to continue offering top rate service to our members. Their downtown Washington branch will give our current members a convenient location to do in-person business with the credit union.”
Clark said that no changes to staffing levels or branch offices are planned, and that senior management from both organizations will remain in place. The White House FCU branch will retain its current branding, with the name changing to White House Credit Union.