Undertaking its first merger in several years, the $2.3 billion State Employees Credit Union in Linthicum, Md., announced Tuesday it planned to consolidate the $81 million Anne Arundel County Employees FCU of Annapolis.
Merger discussions have been under way since the fourth quarter of last year with the healthy Annapolis CU deciding a limited product offering and tech capacity made scouting for a merger partner the right choice, said Rod Staatz, president/CEO of SECU, Maryland's largest state-chartered CU.
"We are delighted the management and board of Anne Arundel picked us after their CEO apparently shopped some of our branches and liked what he saw," said Staatz, who is vice chairman of the Maryland/DC Credit Union Association.
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