Merger Expands FOM & Creates New Billion-Dollar CU
Justice FCU merges with a Florida-based CU to continue its “organic growth” plans for members.
Two credit unions roughly 1,000 miles apart announced a merger that creates one of the newest billion-dollar credit unions in the country.
On Monday, the Chantilly, Va.-based Justice Federal Credit Union ($999.5 million in assets, 63,732 members) announced it has merged with Law Enforcement & Technology Federal Credit Union ($52 million in assets, 4,492 members) in Miami. The merger, according to officials, will give LE&T FCU members access to more products and services.
Justice Federal exclusively serves the justice, law enforcement and public safety community and now, with the LE&T FCU merger, the credit union will be able to serve that community in southern Florida.
In a prepared statement, Justice Federal President/CEO Mark Robnett said, “I am extremely pleased to announce the merger with LE&T FCU. The merger supports our strategic plans to grow our membership through opportunistic M&A activity and continued organic growth. Merging with LE&T FCU serves as a catalyst for future expansion to enhance our service to the justice and law enforcement community across the nation.”
Founded in 1935 inside the Department of Justice, Justice Federal began when 12 members combined their monies, totaling $137, to provide small loans to colleagues during the Great Depression.
Today, Justice Federal has 20 branches located in eight states, including the District of Columbia.