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Partnership FCU Born

Two Washington-area credit unions, FDIC FCU and National Science Foundation FCU, have merged to form the $105 million Partnership FCU.

Two Washington-area credit unions, FDIC FCU and National Science Foundation FCU, have merged to form the $105 million Partnership FCU.

The new entity, with 11,000 members and four branches, has been in the talking stages since 2007 and represents “a new direction, a new business model for the small, single-sponsor credit union” particularly for government-linked CUs, said Theresa Mann, president/CEO. In the current environment, single-sponsor CUs are finding it “more difficult and complex” to grow without achieving back-office economies, said Mann. Such efficiencies for the two CUs can be achieved through the new Partnership brand.

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