ALEXANDRIA, VA (December 6, 2019) — AB&W Employees Credit Union announced today that it will merge with Commonwealth One Federal Credit Union. The final approval was given on September 12, 2019 by the National Credit Union Administration (NCUA). AB&W members approved the proposed merger on December 5, 2019. The official merger is set for March 1, 2020.
With over $375 million in assets, 33,000 members and six branches, CommonWealth One, one of the top credit unions in Virginia AB&W has $30 million in assets, 4,000 members and one branch office located in Alexandria, VA. The merger with AB&W will results in a credit union with over $400 million in assets. CommonWealth One’s field of membership will also expand to include new employer groups like the Washington Metropolitan Area Transit Authority.
CommonWealth One is a well-managed, profitable credit union with strong capital serving the needs of its membership and embracing the credit union philosophy of “People Helping People.” The two credit unions have similar core values and culture. According to CommonWealth One Board Chairman Rupert Jennings, Jr. and President/CEO, Charlotte H. Cash,” this merger will be a positive addition to our 75-year legacy and the in best interest of both credit unions. We are looking forward to a completing the merger and serving the members of AB&W.” The AB&W branch at 6201 Richmond Highway, Alexandria, VA will continue to serve members from this location while AB&W staff will transition to CommonWealth One after the merger is completed on March 1, 2020. Merger updates and information can be viewed at www.cofcu.org/AB&W.
Since 1944, CommonWealth One Federal Credit Union, headquartered in Alexandria, VA, has grown to become one of Washington, D.C. and Northern Virginia’s top credit unions. CommonWealth ONE is a full-service, member-owned, not-for-profit financial cooperative committed to being its members’ lifetime financial partner. CommonWealth One has branches in Washington, D.C., Alexandria, VA, and Harrisonburg, VA (including at James Madison University).
