CORRECTION: The originally published article incorrectly stated that the branch located at 1179 Annapolis Road in Odenton will close. Both the Fort Meade and Odenton branches will remain open. Soundoff! regrets the error.
The Fort Meade Community Credit Union and the Navy Federal Credit Union have jointly announced they will merge operations.
“The Fort Meade Community Credit Union branch will become a branch of Navy Federal Credit Union,” according to a joint statement released by the boards of directors for both credit unions.
The merger is tentatively scheduled to take place Saturday, according to the statement. The Fort Meade Community Credit Union will close its facility at the Odenton Shopping Center, according to the joint announcement. Navy Federal will take over the Fort Meade Community Credit Union on post.
“The current members of the Fort Meade Community Credit Union will become members of the Navy Federal Credit Union, and member accounts will be transferred at the time of merger,” according to the statement.
Applications have been submitted to Maryland’s Office of the Commissioner of Financial Regulation and to the National Credit Union Administration seeking approval for the merger.
Before moving forward, the proposed merger must receive formal approval from both regulatory agencies.
Upon completion of the pending merger with Navy Federal, the Fort Meade Community Credit Union deposits will be federally insured by the National Credit Union Share Insurance Fund.
The fund insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States.
The merge will “create opportunities for our members, providing long-term confidence and best-in-class products and services through greater financial resources,” according to the joint statement.
Navy Federal Credit Union has 298 branches and 580 proprietary ATMs around the world, 24/7 toll-free contact centers, state-of-the-art mobile and online banking applications, and access to 40,000 other surcharge-free ATMs.
Members and others with questions or concerns about the pending merger can email FtMeadeCCU@navyfederal.org.
For more information about Navy Federal Credit Union, visit its website at navyfederal.org.