Navy Federal Credit Union has acquired a small credit union with two branches in Fort Meade, Md.
Fort Meade Community Credit Union, which has been operated by Navy since Monday, was not federally insured. Its first-quarter call report, provided by Navy FCU, showed the 4,355-member credit union was classified as undercapitalized with a net worth of $1.8 million, assets of $32.2 million and a net worth ratio of 5.48.
Navy Federal, the nation's largest credit union ($81.5 billion in assets, 7 million members), plans to maintain both of Fort Meade Community's branches, one on the Fort Meade base, the other three miles southeast of Fort Meade in the Odenton Shopping Center.
Fort Meade Community Credit Union had 12 employees at the end of March. All its employees were offered employment with Navy Federal.
"We are excited to merge with Fort Meade Community Credit Union," said Nancy DeDona, Navy Federal's senior vice president of branch operations. "FMCCU shares a passion for serving those who serve and we believe their membership will benefit from Navy Federal's experience, digital tools like our app and network of more than 300 branches located around the world."
Fort Meade's return on assets was -0.77%, and its return on equity was -14.05% in this year's first quarter. Deposits were $30.4 million, up from $29.7 million a year earlier.
Navy Federal is based in Vienna, Va., 40 miles west of Fort Meade, which is halfway between Baltimore and Washington, D.C.
Navy Federal last acquired a credit union in Sept. 30, 2014: its merger with the Elizabeth City Coast Guard Employee Credit Union in North Carolina ($3.2 million in assets, 582 members).
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
