Pentagon Gobbles Up Smaller Credit Union

ALEXANDRIA, Va.-Coast Guard Federal Credit Union of Nanjemoy, Md. announced last month that it would merge into $5 billion Pentagon Federal Credit Union. CGFCU’s membership reportedly overwhelmingly approved the merger, which NCUA approved Dec. 10. CGFCU’s 3,500 members and $13 million in assets will be blended into Pentagon Federal Credit Union, headquartered in Alexandria, Va. as of January 1, 2003. Accounts will be converted on March 1. “We think we can make our new Coast Guard members feel `part of the family’ right away by offering them market-leading financial products and expanded member services 24/7,” Pentagon Federal Credit Union President and CEO Frank Pollack said. CGFCU Chairman John Byczek said they chose Pentagon Federal Credit Union to merge with for its reputation, strategic plan, and account servicing around the world.