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Veronica Garabelli// March 31, 2016//
Two Northern Virginia-based financial institutions, PenFed and Belvoir federal credit unions, have announced plans to merge on May 1. At that time, the credit unions will conduct operations as PenFed Credit Union.
Financial terms of the deal were not disclosed.
“The merger between PenFed and Belvoir Federal strengthens the membership, employee opportunities, institutional safety and soundness, and community investment opportunities of both credit unions,” PenFed said in a news release issued Thursday.
Alexandria-based PenFed Credit Union is one of the largest credit unions in the country. It serves 1.4 million people and has nearly $20 billion in assets. It was established in 1935 as the War Department Credit Union.
Belvoir Federal, based in Woodbridge, has served the Fort Belvoir and U.S. Armed Forces community since 1946. It has $320 million in assets and more than 26,000 members.
