| VIENNA,
Va., Sept. 13 /PRNewswire-USNewswire/ -- Navy Federal Credit Union of Vienna,
VA, and USA Federal Credit Union (USA Fed), based in San Diego, CA, announced
today that they have agreed to merge operations. The Board of Directors of each
institution has approved the merger. The newly combined credit union will begin
joint operations under the Navy Federal banner projected to be October 1, 2010
pending regulatory approval by National Credit Union Administration, (NCUA). All
USA Fed's 19 branches - 8 in Southern California and 11 military base branches
in Japan and Korea - will become part of the Navy Federal branch network. All
USA Fed employees will be invited to join the Navy Federal team, and the USA Fed
San Diego headquarters building will become Navy Federal's West Coast operations
center. Members will be notified of merger and will have access to additional
information posted on Navy Federal and USA Fed websites and in branch offices. "We
are excited about this merger and know that Navy Federal is an excellent choice
for us," said Mary Cunningham, USA Fed's CEO. "We share the same commitment
of service to our members - the men and women in uniform who serve our country
and the San Diego community. We're confident that this will provide valuable opportunities
for members and employees, " Cunningham continued. According
to Navy Federal's President & CEO Cutler Dawson, "The merger with USA
Federal Credit Union is a great opportunity for both of our Credit Unions as we
unite our members, employees and operations. We are excited to welcome their members
and employees into our Navy Federal family. This is important for us because it
strengthens our presence in Southern California and expands our branch access
for members - here and overseas." The combined credit union will have over
200 branches worldwide, with 22 located in Southern California, over
$43 billion
in assets and more than 3.5 million members.
SOURCE
Navy Federal Credit Union
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