Wed, Jul 10, 2013
Tower Federal Credit Union successfully completed the merger with the U.S. Coast Guard Community Credit Union on June 30, 2013. Over 4,000 USCGCCU members became Tower members as of that date. The merger expanded the number of Tower’s branch locations and added approximately $33 million to its assets.
“The merger was a complete success in all aspects,” says Sam Taylor, Tower’s Vice President of Finance, who headed up Tower's merger team. “From the beginning, the mission was to successfully complete the merger, and the commitment to this goal was 100 percent in all areas…information technology, operations, branches, accounting and facilities.”
The merger process, Taylor said, went into full gear in February 2013 when USCGCCU members and Board of Directors voted overwhelmingly to move forward with the merger with Tower. Tower received regulatory approval at the end of April 2013 from the Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA). The merger culminated in conversion weekend June 28-30, 2013. “It was a long process," he says.
The largest federal credit union in Maryland, Tower currently has branches throughout Anne Arundel, Baltimore, Howard and Prince George’s counties. The merger added two new branch locations—one in Curtis Bay in Baltimore and another on Fort Smallwood Road in Pasadena—bringing the total number of Tower’s community branches to 13.
"The merger is a classic example of Tower employees not only doing a great job but doing it right,” Taylor says.
Tower's President and CEO Martin Breland was equally pleased with the success of the merger. "As we welcome former USCGCCU members to the Tower family,” Breland says, “we are committed to supporting the well-being of our members and delivering excellent, friendly service. We are pleased to now be able to offer Tower's enhanced financial services to our newest members like expanded real estate services, financial planning and IRAs, more branches throughout central Md., a nationwide network of over 40,000 ATMs, a full array of eServices including Home Banking, mobile deposit, mobile apps and much more.”
About Tower Federal Credit Union
Tower Federal Credit Union is a member-owned, non-profit financial institution with headquarters in Laurel, Maryland. Established in 1953, Tower is the largest federal credit union in Maryland with over $2.6 billion in assets. It provides a full array of financial products and services and serves over 131,000 members worldwide. Tower serves its local-area members with 13 branches in Prince George’s, Howard, Anne Arundel and Baltimore counties and five branches at Fort Meade, as well as online services and mobile banking at towerfcu.org.