Virginia’s Constellation Federal Credit Union (CFCU) has wrapped up its merger with local peer Northwest Federal Credit Union.
The combined group has adopted the Northwest Federal brand.
Go deeper with GlobalData
As part of the deal, CFCU employees have moved to Northwest Federal.
This includes former CFCU CEO Bobby Josephson who will now serve as an executive consultant.
Commenting on the deal, Northwest Federal president and CEO Jeff Bentley said: “We are excited to complete the merger of our two brands and welcome Constellation Federal Credit Union members to Northwest Federal.
“We look forward to putting the strength of our combined resources, member service experience and industry knowledge to work, pursuing smart growth and service excellence for Northwest Federal Credit Union.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThrough the merger, Northwest Federal members gain access to a full-service branch in Virginia as well as a limited-access branch in Maryland.
At present, Northwest Federal manages over $3.6bn in assets and tends to more than 270,000 members.
Consolidation activities among credit unions in the US have picked up pace since the beginning of this year.
Last month, Verve, a Credit Union announced the acquisition of South Central Bank, National Association.
Earlier in 2019, Power Financial Credit Union agreed to acquire TransCapital Bank while Teachers Credit Union announced the purchase of New Buffalo Savings Bank.
