Augusta Metro Federal Credit Union merges with no. 3 credit union
When Augusta Metro Federal Credit Union reopens from the Memorial Day holiday Tuesday, it will be just two days from merging with the nation’s second largest credit union.
Virginia-based PenFed Credit Union, will complete its acquisition of Augusta Metro on June 1. The 22,000-member local credit union’s membership approved the deal in February.
Augusta Metro CEO Sherry Saxon said the organization, like other small credit unions and banks, have struggled to stay competitive. PenFed approached them about a merger in May 2016, and Augusta Metro voted in approval in February.
“This was the best decision we could make for our customers,” Saxon said. “PenFed is one of our nation’s strongest credit unions and we believe that the immediate value to our members and the career opportunities for our staff are very compelling. We are very excited to join the PenFed family.”
Saxon said all five branches will remain open and all 54 employees will remain on staff following the merger. Signage at all branches will be changed Tuesday and Wednesday.
“Augusta Metro’s fantastic team, the rich heritage of its membership, and the growing importance of Fort Gordon in our nation’s cyber-security efforts make this a perfect partnership,” Ricardo Chamorro, PenFed Senior Vice President for Mergers and Acquisitions, said in a statement. “We look forward to continuing our expansion and increasing credit union membership in this key market.”
Saxon said members will have access to higher deposit and lower loan rates with PenFed. On May 10, all members received a bonus in the form of a three percent dividend on their existing accounts. The total distribution amounted to $1.67 million.
Members of the credit union will also now have the opportunity to make deposits at ATMs, a service not previously accessible with Augusta Metro. PenFed will provide money to be given to the community for local charities and community service projects.
For questions regarding accounts, contact Augusta Metro Federal at 706-854-6140.