Two Northern Virginia credit unions have finalized their merger.
Herndon-based Northwest Federal Credit Union and Constellation Federal Credit Union joined on Wednesday, with future operations using the Northwest Federal name. The merger, first announced in April, was seen as necessary “inlight of declining membership in Constellation Federal Credit Union and increasing cost of advancing technology.”
According to the National Credit Union Administration, Northwest Federal reported almost $3.44 billion in assets last quarter. CFCU declared just over $220 million. Now combined, Northwest Federal is a top 60 credit union nationally.
The official announcement stated that CFCU employees — the credit union reported having 23 as of May — have joined the Northwest Federal team. Former CFCU CEO Bobby Josephson will stay on as an executive consultant.
There will be few changes for customers. A small number may need to change their account numbers and will be addressed individually, per…Read the full story from the Washington Business Journal.