Partners Financial’s branch on Staples Mill Road will eventually fly the Argent flag. (BizSense file photo)
There’s more movement in the local credit union scene, as two competitors are joining forces to create a half-billion-dollar institution.
Chesterfield-based Partners Financial Federal Credit Union has merged into Argent Credit Union in Henrico.
The deal combines Partners’ $93.7 million in assets and 7,900 members with that of Argent, which has $426 million in assets and 28,000 members.
The combination became effective Oct. 1, according to announcements on both company’s websites.
Argent and Partners first announced the merger earlier this year, before earning approval from their members and regulators.
The deal called for all management and staff of Partners to be retained by Argent. That includes Partners President and CEO Johnna Muncy, who is now vice president at Argent.
Argent President and CEO Jamie Asciolla continues in those positions post-merger.
Asciolla and Muncy did not return calls seeking comment about the merger.
Argent’s branch at 1901 Wal-Mart Way in Chesterfield. (Courtesy Argent)
An announcement on Argent’s website said Partners’ four branches in Henrico, Richmond and Chesterfield will convert to Argent branding in February 2024. They’ll add to Argent’s four branches, all of which are in Chesterfield.
Argent was chartered in 1987 as DuPont Fibers FCU, initially serving employees of the DuPont plant in Chesterfield County. In the early 2000s it won approval to expand with a community charter, which allows it to offer membership to virtually anyone in the region.
It took on the Argent name in 2011 in a bid to appeal to that larger potential membership base.
Partners began in 1958 as Richmond Federal Employees’ Federal Credit Union. It changed to its current name in 2005, also after gaining a broader community charter.
The merger is at least the second for Argent in the last decade. It absorbed Assurance Federal Credit Union in 2013, which at the time gave it $205 million in total assets and more than 24,000 members.
Partners Financial’s branch on Staples Mill Road will eventually fly the Argent flag. (BizSense file photo)
There’s more movement in the local credit union scene, as two competitors are joining forces to create a half-billion-dollar institution.
Chesterfield-based Partners Financial Federal Credit Union has merged into Argent Credit Union in Henrico.
The deal combines Partners’ $93.7 million in assets and 7,900 members with that of Argent, which has $426 million in assets and 28,000 members.
The combination became effective Oct. 1, according to announcements on both company’s websites.
Argent and Partners first announced the merger earlier this year, before earning approval from their members and regulators.
The deal called for all management and staff of Partners to be retained by Argent. That includes Partners President and CEO Johnna Muncy, who is now vice president at Argent.
Argent President and CEO Jamie Asciolla continues in those positions post-merger.
Asciolla and Muncy did not return calls seeking comment about the merger.
Argent’s branch at 1901 Wal-Mart Way in Chesterfield. (Courtesy Argent)
An announcement on Argent’s website said Partners’ four branches in Henrico, Richmond and Chesterfield will convert to Argent branding in February 2024. They’ll add to Argent’s four branches, all of which are in Chesterfield.
Argent was chartered in 1987 as DuPont Fibers FCU, initially serving employees of the DuPont plant in Chesterfield County. In the early 2000s it won approval to expand with a community charter, which allows it to offer membership to virtually anyone in the region.
It took on the Argent name in 2011 in a bid to appeal to that larger potential membership base.
Partners began in 1958 as Richmond Federal Employees’ Federal Credit Union. It changed to its current name in 2005, also after gaining a broader community charter.
The merger is at least the second for Argent in the last decade. It absorbed Assurance Federal Credit Union in 2013, which at the time gave it $205 million in total assets and more than 24,000 members.
Many of these small and mid-level credit unions are going to need to merge to try to keep up with Virginia Credit Union. If you add up all the assets of all the other credit union’s based in the Metro Area, VACU is still bigger. They also have to deal with other large credit unions coming into the area. i.e. Navy & Langley.
The days of small employer based credit unions are almost gone. It is really sad to see.