Navy Federal Credit Union to merge with USA Federal Credit Union
- September 23, 2010
Vienna-based Navy Federal Credit Union is acquiring USA Federal Credit Union of San Diego to expand its reach into Southern California.
USA Federal Credit Union has 19 branches, including eight in Southern California and 11 military base branches in Japan and Korea.
The merger is expected to take place Oct. 1, pending approval by the National Credit Union Administration. The merged institution will operate under the Navy Federal name.
The USA Federal Credit Union headquarters in San Diego will become Navy Federal’s West Coast Operations Center.
Navy Federal is already the largest credit union in the country. The credit union had $41.5 billion in assets and 3.48 million members as of June, according to the National Credit Union Administration. As of June, USA Fed had $604.6 million in assets and more than 57,000 members.
The combined credit union will have more than 200 branches around the world and more than $43 billion in assets.
“This is important for us because it strengthens our presence in Southern California and expands our branch access for members – here and overseas,” CEO Cutler Dawson said in a statement.