Press Release:
Navy Federal Credit Union of Vienna, VA, and USA Federal Credit Union (USA Fed), based in San Diego, CA, announced today that they have agreed to merge operations. The Board of Directors of each institution has approved the merger. The newly combined credit union will begin joint operations under the Navy Federal banner projected to be October 1, 2010 pending regulatory approval by National Credit Union Administration, (NCUA).
All USA Fed’s 19 branches – 8 in Southern California and 11 military base branches in Japan and Korea – will become part of the Navy Federal branch network. All USA Fed employees will be invited to join the Navy Federal team, and the USA Fed San Diego headquarters building will become Navy Federal’s West Coast operations center. Members will be notified of merger and will have access to additional information posted on Navy Federal and USA Fed websites and in branch offices.
“We are excited about this merger and know that Navy Federal is an excellent choice for us,†said Mary Cunningham, USA Fed’s CEO. “We share the same commitment of service to our members – the men and women in uniform who serve our country and the San Diego community. We’re confident that this will provide valuable opportunities for members and employees, “ Cunningham continued.
According to Navy Federal’s President & CEO Cutler Dawson, “The merger with USA Federal Credit Union is a great opportunity for both of our Credit Unions as we unite our members, employees and operations. We are excited to welcome their members and employees into our Navy Federal family. This is important for us because it strengthens our presence in Southern California and expands our branch access for members – here and overseas.†The combined credit union will have over 200 branches worldwide, with 22 located in Southern California, over $43 billion in assets and more than 3.5 million members.