Tower Federal Credit Union (TFCU) successfully completed the merger with the U.S. Coast Guard Community Credit Union (USCGCCU) on June 30, with more than 4,000 USCGCCU members becoming Tower members. 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,” said Sam Taylor, TFCU’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% 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 its board of directors voted overwhelmingly to move forward. 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. The merger culminated in conversion weekend June 28–30.
The largest federal credit union in Maryland, TFCU 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 TFCU’s community branches to 13.