Virginia Credit Unions Complete Consolidation
As part of the merger, Argent FCU retains Partners Financial FCU’s 24 employees, including management.
The consolidation of Virginia’s Partners Financial Federal Credit Union in Glen Allen with Argent Federal Credit Union in Chester that finalized on Oct. 1 will manage combined assets of $519 million and eight branches, and serve more than 35,000 members.
“It’s an honor to welcome the members and employees of Partners Financial Federal Credit Union into our Argent Credit Union Family,” Argent President/CEO Jamie Asciolla said in a prepared statement. “The unity of these two local credit unions with the same member-focused philosophy will be beneficial to the combined 35,000 members.”
Argent has retained Partners Financial’s 24 employees, including management. Johnna Muncy, who served as president/CEO of Partners Financial, has been named vice president. Asciolla is continuing to serve as CEO of the combined organization.
Chartered in 1958, Partners Financial managed $93.7 million in assets and served nearly 8,000 members. During the summer of 2020, its members rejected a consolidation proposal with the $95.5 million People’s Advantage Federal Credit Union in Petersburg, Va.