The $20.1 billion PenFed Credit Union announced its fourth merger of the year Sept. 19, after members of the $38.5 million High Plains Federal Credit Union of Clovis, N.M., voted to merge the week prior with the Alexandria, Va.-based cooperative.
Results of the final vote count were not disclosed.
Clovis is about eight miles from Cannon Air Force Base, home to more than 10,000 active duty personnel. Civilian workers employed by the base, military retirees and veterans account for an additional 13,000 people who live in the Clovis county of Curry.
"The merger with High Plains Federal Credit Union enables us to join and gain access to a very dynamic community – to which we bring decades of expertise in serving the nation's defenders," James Schenck, president/CEO of PenFed FCU, said. PenFed is a primarily military multiple common bond cooperative.
The merger is expected to be finalized in November.
In addition to serving more than 6,000 members, High Plains operates two branches and has 21 full-time employees and seven part-time employees, according to the credit union's call report.
Like many small credit unions, High Plains has been struggling financially. From the end of 2014 to June 2016, the credit union has posted a total net income loss of more than $730,000, according to NCUA financial performance reports.
High Plains' net worth was 8.5% at the end of the second quarter, lower than the peer average of 12.56%, while its ROAA was -0.77%, lower than the peer average of 0.3%, according to NCUA financial performance reports.
Nonetheless, PenFed Senior Vice President for Mergers and Acquisitions Ricardo Chamorro said New Mexico is a prime state for cultivating merger partnership opportunities.
"We will continue to explore possibilities as we believe we can add tremendous value to all stakeholders in any future partnership," he said.
Earlier this year, the $65 million Fort Gordon and Community Credit Union in Fort Gordon, Ga., the $333 million Belvoir Federal Credit Union in Woodbridge, Va., and the $45 million Alamo Federal Credit Union in San Antonio consolidated with PenFed.
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