The Anthem Davis Center campus where the Assurance branch is housed. (Photo by Michael Schwartz)
With expansion on its mind, a Southside credit union has made its first move across the river.
Argent Credit Union last week announced the completion of its merger with West End-based Assurance Federal Credit Union.
As part of the deal, Assurance was merged into Argent, creating a $205 million institution with more than 24,000 members. The combined organizations will retain the Argent name.
The merger is Argent’s first big move in trying to capitalize on its community charter, a coveted designation that allows credit unions to offer membership to a wide geographical swath. Its charter covers the City of Richmond, Henrico County, Chesterfield County and Hanover County.
“For us, it was a perfect fit,” Argent spokesman Rick Crocker said of the merger. “We were looking to expand over [to] the Henrico side of the river.”
Assurance, whose members include Anthem employees at its large Davis Center campus near Staples Mill Road and West Broad Street, had been looking for a merger partner.
“They actually approached us not too long ago and were looking at us and three other credit unions,” Crocker said.
The larger of the two, Argent has the ability to offer expanded products to Assurance members, including online banking, more types of loans and better rates.
Argent was previously known as DuPont Fibers FCU and until gaining its community charter 11 years ago catered largely to local DuPont employees. It changed its name in August 2011 in a bid to appeal to a larger potential membership base.
With the merger, Argent adds the Assurance branch at the Davis Center campus to its four other Southside locations.
Now that it has finally moved north, Crocker said the credit union might look for more deals.
“If the opportunity presents itself, I’m sure we will,” he said.
The Anthem Davis Center campus where the Assurance branch is housed. (Photo by Michael Schwartz)
With expansion on its mind, a Southside credit union has made its first move across the river.
Argent Credit Union last week announced the completion of its merger with West End-based Assurance Federal Credit Union.
As part of the deal, Assurance was merged into Argent, creating a $205 million institution with more than 24,000 members. The combined organizations will retain the Argent name.
The merger is Argent’s first big move in trying to capitalize on its community charter, a coveted designation that allows credit unions to offer membership to a wide geographical swath. Its charter covers the City of Richmond, Henrico County, Chesterfield County and Hanover County.
“For us, it was a perfect fit,” Argent spokesman Rick Crocker said of the merger. “We were looking to expand over [to] the Henrico side of the river.”
Assurance, whose members include Anthem employees at its large Davis Center campus near Staples Mill Road and West Broad Street, had been looking for a merger partner.
“They actually approached us not too long ago and were looking at us and three other credit unions,” Crocker said.
The larger of the two, Argent has the ability to offer expanded products to Assurance members, including online banking, more types of loans and better rates.
Argent was previously known as DuPont Fibers FCU and until gaining its community charter 11 years ago catered largely to local DuPont employees. It changed its name in August 2011 in a bid to appeal to a larger potential membership base.
With the merger, Argent adds the Assurance branch at the Davis Center campus to its four other Southside locations.
Now that it has finally moved north, Crocker said the credit union might look for more deals.
“If the opportunity presents itself, I’m sure we will,” he said.