Skip to main content

Richmond Fire & Police Credit Unions Join Forces

Michael Schwartz BizSense

The latest in a string of local credit union mergers is looking to bring city police and firefighters under one roof.

A deal is in the works to merge The Richmond Fire Department Credit Union and Richmond Police Department Credit Union.

The resulting institution will have 2,500 members and $21 million in assets. It will be renamed Richmond Virginia Fire Police Credit Union.

The two sides filed for state approval for the deal on Oct. 31, according to State Corporation Commission records.

Richmond Police Department Credit Union chief executive Alice Pope said she was not prepared to comment on the deal.

Wallace Garland, CEO of the Fire Department Credit Union said he could not comment at this time.

Letters to members state the credit unions hope to have the merger closed by around the first of the new year. Members of both credit unions have already approved the merger.

clip_image001

The Richmond Police Department Credit Union is housed in the police headquarters downtown on Grace Street. Photo by Michael Schwartz.

The Fire Department Credit Union is headquartered temporarily out of a small office at 1634 Ownby Lane, just around the corner from Richmond Fire Station #10.

It was founded in the 1920s by a handful of Richmond firefighters and currently has 1,500 members and $15.1 million in assets. It produced a profit of $82,000 through the first three quarters of the year, according to its financials filed with the National Credit Union Administration. That followed a profit of $119,000 for the full year 2013.

Richmond Police Department Credit Union has 1,000 members and $6.18 million in assets. It was founded in 1934. It operates out of the Richmond Police headquarters building at 200 W. Grace St.

It’s operating at a loss of $92,000 through the first nine months of 2014 and was in the red by $19,000 for all of last year, according to its NCUA filings.

The police and fire department deal is one of several mergers involving local credit unions in the last few years.

Many have involved larger credit unions absorbing smaller peers that were struggling to stay afloat. Others were a combination of similarly sized institutions looking to mergers as a way to expand their reach.

Comments

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 

Government Shutdown? Credit Unions Know The Drill.

  With three complete government shutdowns and repeated trips to the precipice in the past 25 years, credit unions have had plenty of opportunity to refine how they approach helping members during work stoppages. Read the complete article HERE __ ______________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness.

Spokane Firefighters Credit Union Big Enough to Serve. Small Enough to Care. This year’s recipient of the CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness. Like Todd, Gayle has been instrumental in the growth, as well as the safety and soundness, of the credit union. Congrats to Gayle for living up to the standard that Todd created for our organization and the greater credit union community. __ ________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

The Shrinking Pool of Small Credit Unions: Why It Matters & What We Can Do About It. - Henry Meier, Esq.

  Henry Meier, Esq. Henry Meier is the former General Counsel of the New York Credit Union Association, where he authored the popular New York State of Mind blog. He now provides legal advice to credit unions on a broad range of legal, regulatory and legislative issues. He can be reached at (518) 223-5126 or via email at  henrymeieresq@outlook.com . For as long as I’ve been around the industry, I’ve heard concerns about the demise of the small credit union. But I’ve come to realize it’s a lot like the weather: Everyone talks about it, but no one does anything about it. This is unfortunate. We need credit unions of all shapes and sizes to survive, and if we don’t take action soon, it will be too late.  Fortunately, there are steps the industry can take to potentially decrease the rate at which small credit unions are disappearing by making it viable for credit unions to survive by getting larger credit unions interested in making the necessary investments to keep the sma...

What Are Your Plans -As Government Shutdown Continues, Credit Unions Expand Offers of Assistance

BILOXI, Miss.— With the federal government shutdown now entering its second week, an increasing number of credit unions across the country are offering relief and financial assistance. All indications are the shutdown is no closer to ending than it has been since it began on Oct. 1. While the House has passsed a continuing resolution (CR) to fund government operations in the short term, the Senate remains at an impasse, even as it has scheduled a vote for today. In addition to the earlier assistance reported by the CU Daily  here , the latest pledges to support members include: • In Biloxi, Miss., Keesler FCU said it is offering paycheck relief for all eligible federal employees affected by the shutdown and will advance the amount of direct deposit paychecks for eligible members during the shutdown for up to 90 days. There is no cost or fee to enroll in the program. • In Nebraska, Cobalt Credit Union is offering furloughed members loans of up to $5,000 with no fees or interest...