CommonWealth One set for 2020 merger
Members of AB&W Employees Credit Union, a $28 million-asset institution in Alexandria, Va. have approved a merger with CommonWealth One FCU, also based in Alexandria.
The deal, approved by the National Credit Union Administration earlier this fall, will become effective on March 1.
“This merger will be a positive addition to our 75-year legacy and is in the best interest of both credit unions,” CommonWealth One Board Chairman Rupert Jennings, Jr. and CEO Charlotte Cash said in a release. ”We are looking forward to completing the merger and serving the members of AB&W.”
Cash will remain president and CEO of CommonWealth One Federal Credit Union. AB&W's President and CEO Connie Simpson's role has yet to be determined, according to Karyle Thornton, chief marketing officer at CommonWealth One.
Thornton also said that all AB&W's employees will have positions at CommonWealth One.
The union of the two credit unions will bump CommonWealth One to $400 million in assets. The Alexandria, Va.-based credit union’s field of membership will also expand to include new employer groups such as the Washington Metropolitan Area Transit Authority.
Net income at CommonWealth One was down about 25% year-over-year to $1.4 million at the end of Q3, while AB&W Employees saw net income of about $149,000, a stark improvement from the same time last year, when the credit union was more than $307,000 in the red, according to NCUA data.