USALLIANCE Financial announces plans to merge with Marriott Employees’ Federal Credit Union
The planned merger will increase access and service for Marriott Employees’ FCU members as a part of USALLIANCE Financial
MARLBOROUGH, MA (November 7, 2022) — USALLIANCE Federal Credit Union (dba USALLIANCE Financial) of Rye, New York, announced today its plans to merge with and serve the members of Marriott Employees’ Federal Credit Union (MEFCU), based in Bethesda, Maryland.
Kris VanBeek, President and CEO of USALLIANCE Financial, made the announcement, noting excitement at the upcoming partnership. The merger is subject to approval by the National Credit Union Association (NCUA) and the members of MEFCU. Upon approval, the 22,000+ members of MEFCU would gain access to an expanded line of USALLIANCE products and services featuring nationally recognized dividend rates, an elevated offering of loan types, and innovative digital banking solutions.
“We’re excited to welcome the members of Marriott Employees’ Federal Credit Union into the USALLIANCE family,” said Kris VanBeek, CEO of USALLIANCE. “We are proud of the products and services we offer our 140,000+ members across the United States and are confident that MEFCU members will find value in our expanded services and offerings.”
The $2.5 billion USALLIANCE Financial is a proven industry leader in electronic banking services and financial innovation. For MEFCU members, the size and resources of USALLIANCE will enhance their banking capability with easily understandable financial education tools, low fee structures, early posting of direct deposit transactions, a wider variety of loan types, and a diverse portfolio of deposit account options.
“This is great news for our members. With its size and reach, USALLIANCE is uniquely qualified to address the needs of our diverse membership,” said Susan Wolfe, CEO of MEFCU. “Through this merger, our members will be able to benefit from state-of-the-art banking tools and additional products and services that USALLIANCE has to offer.”
Initially founded in 1966 as IBM Tri-State Employees Federal Credit Union, USALLIANCE Financial has since diversified its membership base through a number of avenues, including mergers with the credit unions for PepsiCo Employees and American Express Employees and partnerships with organizations including the Airline Owners and Pilots Association. USALLIANCE Financial is a federally chartered credit union with more than $2.5 billion in assets.
The merger plan has been approved by the boards of the two credit unions but remains subject to approval by the National Credit Union Administration and the members of Marriott Employees’ Federal Credit Union. The merger will be USALLIANCE’s ninth merger or acquisition in twelve years.
USALLIANCE members with questions can call USALLIANCE Financial at (800) 431-2754. MEFCU members with questions can call MEFCU at (800) 821-7280.
About USAlliance Federal Credit Union
USALLIANCE Financial is a member-owned not-for-profit financial institution offering a full range of checking, savings and loan products. Since its inception in 1966, USALLIANCE has grown to over $1.6 billion in assets and serves more than 110,000 members across the country. For more information, please visit www.usalliance.org.
ABOUT MARRIOTT EMPLOYEES’ FEDERAL CREDIT UNION
Marriott Employees’ Federal Credit Union was established as the Hot Shoppes Employees’ Federal Credit Union by J. W. Marriott, Sr. in 1953. As a not-for-profit, member-owned organization, MEFCU provides banking services, savings and checking accounts, loans, credit cards, and more to its membership. Membership to MEFCU is centered around employees, retirees, and family members of Marriott International, Inc. and additional Sponsor companies. For more information, please visit www.mefcudirect.com/.