The $61 million Desert Energy CU of Tucson has merged with one of southern Arizona's largest credit unions, the $330 million Pima Federal Credit Union in a pact described as voluntary.
Nathanael Tarwasokono, president/CEO of Pima also headquartered in Tucson, said the merger was "bringing together two strong credit unions that have had much success."
Officials acknowledged that both CUs suffered first quarter losses due to the corporate stabilization with Pima reporting a $2.3 million loss and Desert Energy's loss at $451,000.
Desert Energy President/CEO Linda Dhaemers said the merger of her CU into Pima will provide broader member services than could be otherwise achieved. Dhaemers is a past chairman of the Arizona Credit Union League.
The combined CU now has more than 50,000 members, 150 employees, and six Tucson branches, plus one in Springerville, Ariz.
The Pima/Desert Energy merger follows formal NCUA approval last week of another Arizona consolidation, the $45 million Sun Country FCU into the $350 million Credit Union West.
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