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CU System
USA FCU Navy Fed announce merger
VIENNA, Va. and SAN DIEGO (9/15/10)--Navy FCU of Vienna, Va., and USA FCU, based in San Diego, announced Monday that they have agreed to merge. Each credit union’s board of directors approved the merger. The newly combined credit union is slated to begin joint operations as Navy FCU, Oct. 1, pending approval by National Credit Union Administration (PRNewswire Sept. 13). The combined credit union will have more than 200 branches worldwide, with 22 in Southern California, more than $43 billion in assets and more than 3.5 million members. All USA FCU’s 19 branches--eight in Southern California and 11 military base branches in Japan and Korea--will become part of the Navy Federal branch network. All USA FCU employees will be invited to join Navy Federal, and the USA FCU’s San Diego headquarters building will become Navy Federal’s West Coast operations center. Members will be notified of the merger and will have access to additional information posted on the two credit unions’ websites and in branch offices. “… Navy Federal is an excellent choice for us,” said Mary Cunningham, CEO of USA FCU. “We share the same commitment of service to our members--the men and women in uniform who serve our country and the San Diego community. We’re confident that this will provide valuable opportunities for members and employees.” “The merger with USA FCU is a great opportunity for both of our credit unions as we unite our members, employees and operations,” said Navy Federal President/CEO Cutler Dawson, noting the merger “strengthens our presence in Southern California and expands our branch access for members--here and overseas.”


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