State’s Biggest Credit Union Gets OK For Merger
BALTIMORE (AP) — Maryland regulators have approved a merger of the largest state-chartered credit union, SECU, with the Anne Arundel County Employees Federal Credit Union.
Under the deal approved Tuesday, The Daily Record reports SECU will officially acquire the Anne Arundel credit union in August. SECU has about 220,000 members and more than $2.2 billion in assets. The Anne Arundel credit union has 14,000 members and about $86 million in assets.
There was no buyout involved because of the cooperative nature of credit unions. Members of the smaller credit union voted on the merger through mail-in ballots in April. SECU’s members also voted to approve the merger at their annual meeting.
Officials say the merger will expand services and enhance online and mobile banking options.
(Copyright 2012 by The Associated Press. All Rights Reserved.)