Press
Fedchoice Federal Credit Union & Washington Postal Employees Federal Credit Union Complete Merger
Lanham, MD and Washington, DC (January 7, 2013) – A merger between FedChoice Federal Credit Union and Washington Postal Employees Federal Credit Union (WPEFCU) has become official with near unanimous approval by more than 10% of the membership at WPEFCU after all votes were tallied. The merger became effective as of January 1, 2013.
Patricia Yates, CEO of Washington Postal Employees Federal Credit Union, was very pleased with the overwhelming support for this partnership as demonstrated during the member vote. “I believe that our members will be very happy with the merger with FedChoice. They will have the opportunity to take advantage of the extensive offering of products and services that FedChoice provides, while also resting assured that FedChoice, like WPEFCU, has been serving the federal community for over 75 years.”
On a similar note, David Bunch, President/CEO of FedChoice, shared his observations. “FedChoice is excited about welcoming the members of WPEFCU!” Mr. Bunch explained that FedChoice pursued this opportunity after he was contacted by executives at WPEFCU to discuss a possible partnership. Mr. Bunch elected to pursue this opportunity after much careful and thoughtful consideration by both parties. He concluded that “this partnership will create a credit union that offers more value to the 2,800 members of WPEFCU by providing additional locations and access to competitively priced products and services. And most importantly, FedChoice not only shares the cultural and philosophical values of WPEFCU, where each credit union has been serving the federal community for over 75 years, but FedChoice also meets the unique financial needs of the federal civilian community as they work through such challenges as an extended pay freeze and the threat of furloughs and downsizing by offering customized products that specifically address these critical issues.”
With this merger, FedChoice will be adding another publicly accessible branch in Washington, DC at 900 Brentwood Road NE, where the US Postal Service operates the Curseen Morris Processing and Distribution Center.
Washington Postal Employees Federal Credit Union will continue to operate under its current name until the account, service and system integration is complete at the end of the first quarter in 2013.
About FedChoice Federal Credit Union
FedChoice Federal Credit Union was originally chartered in 1935 when a group of Bureau of Internal Revenue (aka IRS) employees decided to establish a credit union to meet their financial needs. Since then, FedChoice has grown stronger each year by serving all federal civilian employees, retirees, annuitants and pensioners, and their family and household members in the Washington DC, Baltimore and Philadelphia metro areas. With five FedChoice branch locations, access to nearly 30,000 surcharge-free CO-OP ATMs, close to 5,000 CU Service Centers, plus online banking and mobile banking, members may access their accounts 24/7/365. FedChoice has over 22,000 members and $320 million in assets.
About Washington Postal Employees Federal Credit Union
Washington Postal Employees Federal Credit Union was established in 1929 to serve the financial needs of Postal employees, their families and household members in the District of Columbia. The credit union has one location which serves 2,800 members, with $19 million in assets. Washington Postal had the distinction of being the oldest credit union established in the District of Columbia.