Tower Federal Credit Union Receives Final Approval to Merge with U.S. Coast Guard Community Credit Union
Laurel, MD—Tower Federal Credit Union announced today that it has received all necessary regulatory approval for a merger with the U.S. Coast Guard Community Credit Union (USCGCCU). The expected merger date is June 30, 2013. The Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA) approved the merger on April 29, 2013.
On February 28, USCGCCU members in attendance at a special meeting voted overwhelmingly to merge with Tower. Members will automatically become Tower members at the completion of the merger integration by the end of June.
"This merger will strengthen and expand the financial services available to USCGCCU members," says Martin Breland, Tower’s President and CEO. "Our new members will benefit from Tower’s expanded electronic services, with the added convenience of Mobile Banking, Mobile Apps, Mobile Deposit and an online ATM/Branch locator. We look forward to welcoming USCGCCU members to the Tower family and we are committed to making the transition to Tower as smooth as possible."
USCGCCU currently serves over 4,000 members in the Anne Arundel County and Baltimore city areas with two branches. The partnership with Tower will provide USCGCCU members eleven additional community branches in Anne Arundel, Baltimore, Howard and Prince George's counties. Members will have access to 20 Tower-owned ATMs and over 40,000 surcharge-free ATMs nationwide. .
The merger will expand Tower's membership and branch locations and will increase its assets by approximately $33 million.