Arlington Credit Union To Merge With Alexandria-Based InFirst FCU

Arlington VA

07 June, 2022

12:03 PM

Description

ARLINGTON, VA — Two local credit unions, one based in Arlington and the other in Alexandria, are planning to merge into one entity that will have combined assets of about $700 million, 12 branches, 38,000 members and 140 employees. Arlington Community Federal Credit Union and InFirst Federal Credit Union, with headquarters in Alexandria, are seeking regulatory approval for their proposed merger, the credit unions announced Tuesday. Once completed, Arlington Community FCU will welcome InFirst's 16,000 members. As part of the merger process, Arlington Community FCU will announce a new name for the combined credit union before the merger is completed. Arlington Community FCU said it plans to extend employment offers to all InFirst employees. In addition, two members of InFirst's board of directors will continue to serve as volunteer directors of the combined Arlington Community FCU board. The proposed merger requires approval by the National Credit Union Administration and must be approved by InFirst FCU's members. The merger is expected to be completed in early 2023. Karen Rosales, president and CEO of Arlington Community FCU, will continue as the CEO of the merged entity. Martha Wye, president and CEO of InFirst FCU, will be retiring by the end of 2022. "If the merger proceeds, our collective members, employees, and communities will benefit from the strength and synergy of our combined workforces, enhanced products and services, economies of scale, and new technologies," Rosales said in a statement Tuesday. Wye said the InFirst FCU's legacy of serving retired and active federal workers, as well as first responders, "aligns beautifully with Arlington's longtime partnership with Arlington County employees and public safety departments." With the merger, InFirst FCU will adopt Arlington Community FCU's community charter covering Arlington County, Fairfax County, the City of Alexandria and the City of Falls Church. Arlington Community FCU has four branches in Arlington, Alexandria and Falls Church. InFirst FCU has six branches in Virginia — in Alexandria, Fredericksburg, King George, Roanoke and Salem — one in Washington, D.C., at the Office of Personnel Management, and one in Marlow Heights, Maryland. All branches will remain in operation following the merger. Members of both Arlington Community FCU and InFirst FCU can send an email to [email protected] if they have questions about the proposed merger.