Herndon, Va. (April 1, 2019) – Northwest Federal Credit Union announced today that Constellation Federal Credit Union (CFCU) members voted to merge the two credit unions effective July 1, 2019. The merger agreement was previously approved by the National Credit Union Administration (NCUA) in February.
The combined credit union will operate under the Northwest Federal brand, headquartered in Herndon, Virginia. Northwest Federal’s President and CEO Jeff Bentley will continue as CEO of the combined organization, and CFCU CEO Bobby Josephson will serve as a senior consultant. All CFCU employees will become a part of Northwest Federal’s team and its 8,000 members will join Northwest Federal’s current membership base of 270,000.
CFCU CEO Bobby Josephson said the merger with Northwest Federal will help ensure a healthy financial future for current CFCU members. “Merging with this strong and stable credit union will introduce expanded services, benefits, and new economies of scale. We’re excited about the promise of greater operating efficiency, more convenience with additional branches, and being able to offer advanced information security to our existing membership.”
Northwest Federal President and CEO Jeff Bentley stated that the partnership will not only introduce valuable benefits to the CFCU membership, it will also help Northwest Federal continue on its path to growth and success.
“Introducing CFCU as a merger partner will create new opportunities for growth and will help us to continue to offer the very best in financial services, including advanced technologies and superior member service,” said Bentley. “The partnership was a natural one as our institutions share a commonality of membership and geographic footprint. We both understand and value the security needs of our many members who work for the federal government while also understanding the importance of providing convenient and exceptional service. The merger will also introduce two new Northwest Federal branch locations.”
CFCU selected Northwest Federal because of its successful, progressive growth and years of experience serving members with similar occupations to CFCU’s. Northwest Federal is a federally-insured institution that manages $3.5 billion in assets and operates 7 branches throughout the Washington Metropolitan region.
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 60 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., Northwest Federal’s “Why” is to serve and inspire to transform lives. The Credit Union currently serves more than 270,000 members and has assets in excess of $3.5 billion. For more information, visit www.nwfcu.org or connect with us on Facebook, Twitter or LinkedIn.
Kristen Soller
Manager Event and Communication Strategy
ksoller@nwfcu.org
Northwest Federal Credit Union
200 Spring Street
Herndon, VA 20170
703-709-8900 x4416
571-585-0700 Cell
703-234-8607 FAX
www.nwfcu.org
