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Pentagon FCU Merger Crazy?

ALEXANDRIA, Va.-Pentagon Federal Credit Union, the third largest in the country at $7 billion in assets, has merged with five credit unions in the last two years. However, according to Pentagon's Vice President for Brands and Marketing Margaret Szeliga, the institutions are seeking Pentagon out, not the other way around....

By Staff Writer | Updated on March 29, 2005

ALEXANDRIA, Va.-Pentagon Federal Credit Union, the third largest in the country at $7 billion in assets, has merged with five credit unions in the last two years. However, according to Pentagon’s Vice President for Brands and Marketing Margaret Szeliga, the institutions are seeking Pentagon out, not the other way around. Regarding any sort of merger strategy, she said, “We do not discuss that publicly.” The $11 million Budget Federal Credit Union, which serves 2,495 members within the White House Office of Management and Budget, was Pentagon’s latest acquisition, Szeliga said. NCUA data shows that the credit union’s net worth ratio had declined from 8.75% in December 2000 to 7.62% at the end of last year, and loan growth plummeted from 9.71% to -17.99% in the same time frame. Budget is still running on a separate system, but will eventually take on the Pentagon Federal Credit Union moniker. Budget was unique though because the other merger partners have been defense credit unions. The other mergers included Fort Shafter Federal Credit Union, Coast Guard Employees Federal Credit Union, D.C. Veterans Affairs Medical Center Federal Credit Union, and Fort Hood Military Federal Credit Union.

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