The $324 million Belvoir Federal Credit Union in Woodbridge, Va., said Wednesday its members approved a merger with the $19.4 billion PenFed Credit Union in Alexandria, Va.

Among the members who cast a ballot on the merger question, 79% voted in favor of the consolidation that is scheduled for completion on May 1.

The merger will bring PenFed closer to $20 billion in assets, making it the third credit union in the nation to reach that milestone. The Vienna, Va.-based Navy Federal Credit Union is No. 1 with $73.2 billion in assets and SECU of Raleigh, N.C., is second with $31.8 billion in assets. 

When the merger closes, PenFed's assets will equal $19,784,474,997. With Belvoir's 27,141 members, PenFed's membership will increase from 1,374,181 to 1,401,322.

What's more, PenFed will expand its field of membership to include the Fort Belvoir military community, which includes uniformed personnel, government employees, defense contractors and family members.

Fort Belvoir is home to 19 Department of the Army agencies, 26 Department of Defense agencies, and eight elements of the Army National Guard and U.S. Army Reserve. 

As the largest employer in Fairfax County, Fort Belvoir boasts twice as many employees as the Pentagon, according to a PenFed prepared statement.