Message from the CEO: The Partnership FCU Intends to Merge into NASA Federal
The Partnership FCU Intends to Merge into NASA Federal
This June our organization will celebrate 10 years as The Partnership Federal Credit Union. It's hard to believe it's been a decade since making the decision to change our name and be better together by combining the FDIC FCU and the NSF FCU. Over the years we also welcomed into our membership both Fannie Mae FCU and Fairfax City FCU, helping us grow both in assets and in the ability to provide value to our combined membership.
Making The Smart Choice
We work hard every day to provide value through partnership as we promised you a decade ago. However, small financial institutions, like ours, are still struggling to compete with larger banks, credit unions and non-traditional financial services providers. Challenges such as cybersecurity, technology, ever increasing regulation, talent acquisition and retention require significant investments of time and money. Despite all of our hard work to address these challenges, our size limits our effectiveness. Our commitment to you, our members, requires us to make smart choices. After much research and deliberation, I am excited to announce our Board of Directors and our regulator, the National Credit Union Association (NCUA), have approved our intent to merge with NASA Federal Credit Union (NASA Federal).
Choosing NASA Federal
In NASA Federal, we have found a partner who shares a commitment to providing value to their members. We believe this is good news and we are excited to be able to bring your accounts to NASA Federal. I'm positive you'll feel right at home as our amazing employees who serve you today will be joining the NASA Federal team and will continue to serve you far into the future.
NASA Federal is a full-service financial institution proudly serving members since 1949. In addition, NASA Federal ranked Best in State on Forbes' 2018 Best Credit Unions List. According to Forbes, consumers in the U.S. were asked to rate their credit unions on overall recommendations and satisfaction, which included trust, terms and conditions, branch services, digital services and financial advice. In NASA Federal, I believe we have found a partner that will provide significant value to our members today and for years to come. Once the merger is completed, some of the great new opportunities for you, our members, include:
- 12 Additional branches in MD, DC and VA
- Continued access to more than 5,000 branches nationwide and more than 30,000 surcharge-free ATMs nationwide (with more than 9,000 ATMs accepting deposits) A full-service phone center to serve you with longer hours of operation
- Apple Pay®, Android Pay®, and Samsung Pay®
- State-of-the-art online and mobile banking with complimentary FICO scores
- Student loans
- Additional mortgage products, such as reverse mortgages
- Business accounts and lending
- Wealth management and financial planning
- Award winning VISA credit cards with low rates and high rewards
- Advanced online account opening and loan application and origination
Understanding What's Next
As a member myself, I can appreciate that you probably have a lot of good questions and I assure you, we want to answer all of them. Starting today, we have dedicated a section of our website to keep you up to date with the latest information.
What’s next? Both our Board of Directors and our regulator have approved the merger. But before this intended merger can happen, members of The Partnership FCU must vote to approve. In the coming days you will receive a Notice of Special Meeting and a Ballot to vote for the merger. This package meets all the NCUA communication requirements and has a lot of great information.
I, along with our Board of Directors and employees, all believe that this is good news and we are asking you to approve the merger by returning the ballot with a YES vote in time to be counted. Please review the package carefully and as always, I am available to you if you have any questions. Simply send all questions to TellUs@ThePartnershipFCU.com and I will reply personally.
We are excited to bring the next chapter of The Partnership FCU to you and want to thank you for being a member.