Tower Federal Credit Union Announces Pending Merger with U.S. Coast Guard Community Credit Union
Laurel, MD—Tower Federal Credit Union announced today its pending merger with U.S. Coast Guard Community Credit Union (USCGCCU). USCGCCU members voted at a special meeting Feb. 28 to approve the merger, following a vote to approve conversion of USCGCCU from a geography-based community membership to a multiple common bond membership. The expected merger date is June 30, 2013.
“This partnership will provide greater access to financial services and products for USCGCCU members and, in turn, will increase Tower’s membership base and branch locations,” says Martin Breland, Tower’s President & CEO. “We look forward to the members of a neighboring credit union joining Tower’s family. It’s a win for all of us.”
Tower plans to maintain USCGCCU’s two existing branch offices, located in Curtis Bay in Baltimore City, Md. and the Pine Grove Village Shopping Center in Pasadena, Md., following regulatory approval of the merger. Tower currently has 16 branches spanning four Maryland counties.
"Merging with Tower provides the best opportunity to offer enhanced financial services to our members and a stronger financial position for our members’ future financial needs,” says Karen Gouldmann, USCGCCU’s President & CEO. “Our board reached this conclusion based on Tower’s stronger financial position and more extensive menu of financial products and services.” The boards of both credit unions voted in favor of the merger in January.
USCGCCU was founded over 70 years ago, and currently serves over 3,900 members in the Anne Arundel County and Baltimore City areas. As of December 31, 2012, USCGCCU’s assets totalled approximately $32.7 million, with $31 million on deposit and approximately $16 million in net loans.
Founded 60 years ago by seven initial members contributing just $5 each, Tower is now the largest federal credit union in Maryland, serving over 125,000 members worldwide. From just $35 in 1953, Tower has grown to a $2.5 billion financial institution today.The conversion and merger are tentative pending regulatory approval by the Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA). At the time of final merger approval, members of USCGCCU will automatically become Tower members.