May Update
Membership eligibility
Now through June 22, 2013, anyone who lives, works, worships or goes to school in Northern Anne Arundel Country or South Baltimore may open an account at the Credit Union. For additional information, click here.
Tower Federal Credit Union Receives Final Approval to Merge with U.S. Coast Guard Community Credit Union
[Laurel,Md.] – Tower Federal Credit Union announced today that it has received all necessary regulatory approval for a merger with the U.S. Coast Guard Community Credit Union (USCGCCU). The expected merger date is June 30, 2013. The Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA) approved the merger on April 29, 2013.
On February 28, USCGCCU members in attendance at a special meeting voted overwhelmingly to merge with Tower. Members will automatically become Tower members at the completion of the merger integration by the end of June.
“This merger will strengthen and expand the financial services available to USCGCCU members,” says Martin Breland, Tower’s President and CEO. “Our new members will benefit from Tower’s expanded electronic services, with the added convenience of Mobile Banking, Mobile Apps, Mobile Deposit and an online ATM/Branch locator. We look forward to welcoming USCGCCU members to the Tower family and we are committed to making the transition to Tower as smooth as possible.”
USCGCCU currently serves over 4,000 members in theAnneArundelCountyandBaltimorecity areas with two branches. The partnership with Tower will provide USCGCCU members eleven additional community branches in Anne Arundel, Baltimore, Howard andPrince George’s counties. Members will have access to 20 Tower-owned ATMs and over 40,000 surcharge-free ATMs nationwide.
The merger will expand Tower’s membership and branch locations and will increase its assets by approximately $33 million.
April Update
On behalf of U.S. Coast Guard Community Credit Union and Tower Federal Credit Union, we are pleased to update you on the pending merger between USCGCCU and Tower, the largest federal credit union in Maryland. The merger will strengthen and expand financial services available to USCGCCU members, and bring you more convenience and flexibility, with greater access to your accounts.
As a result of the merger, USCGCCU members will enjoy expanded electronic services, with the added convenience of Mobile Banking, Mobile Apps, Mobile Deposit and an online ATM/Branch locator. Members will have access to 20 Tower-owned ATMs and over 40,000 surcharge-free ATMs nationwide.
The partnership with Tower will provide eleven additional community branches, spanning Anne Arundel, Baltimore, Howard and Prince George’s counties. You may see some new faces at the Curtis Bay and Pasadena branches as we blend the staff with Tower’s. USCGCCU employees look forward to joining the Tower team.
At the heart of the merger is the relationship with our members and our commitment to your financial stability. Both USCGCCU and Tower share a vision to ensure the financial well-being of the members we serve. We will continue to follow this vision and work hard to earn and keep the trust you have placed in us.
We are working to make the transition to Tower as seamless as possible. In the coming months, we will communicate with you fully regarding what you can expect during the transition period.
Check back for updates. To learn more about Tower, you may want to visit towerfcu.org.
Pending regulatory approval by the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA), we expect to complete the merger on June 30, 2013. USCGCCU branches will open as Tower on July 1, 2013 and USCGCCU members will automatically become Tower members as of the merger date.
All of us at USCGCCU and Tower thank you for your continued trust and patience as we combine our two credit unions. We hope you share in our enthusiasm as USCGCCU joins the Tower family.
Sincerely,
Karen Gouldmann Martin M. Breland
President and CEO President and CEO
U.S. Coast Guard Community Credit Union Tower Federal Credit Union
Tower Federal Credit Union Announces Pending Merger with U.S. Coast Guard Community Credit Union
[Laurel,Md.] – Tower Federal Credit Union announced today its pending merger with U.S. Coast Guard Community Credit Union (USCGCCU). USCGCCU members voted at a special meeting Feb. 28 to approve the merger, following a vote to approve conversion of USCGCCU from a geography-based community membership to a multiple common bond membership. The expected merger date is June 30, 2013.
“This partnership will provide greater access to financial services and products for USCGCCU members and, in turn, will increase Tower’s membership base and branch locations,” says Martin Breland, Tower’s President & CEO. “We look forward to the members of a neighboring credit union joining Tower’s family. It’s a win for all of us.”
Tower plans to maintain USCGCCU’s two existing branch offices, located in Curtis Bay in Baltimore City, Md. and the Pine Grove Village Shopping Center in Pasadena,Md., following regulatory approval of the merger. Tower currently has 16 branches spanning fourMarylandcounties.
“Merging with Tower provides the best opportunity to offer enhanced financial services to our members and a stronger financial position for our members’ future financial needs,” says Karen Gouldmann, USCGCCU’s President & CEO. “Our board reached this conclusion based on Tower’s stronger financial position and more extensive menu of financial products and services.” The boards of both credit unions voted in favor of the merger in January.
USCGCCU was founded over 70 years ago, and currently serves over 3,900 members in the Anne Arundel County and Baltimore City areas. As of December 31, 2012, USCGCCU’s assets totalled approximately $32.7 million, with $31 million on deposit and approximately $16 million in net loans.
Founded 60 years ago by seven initial members contributing just $5 each, Tower is now the largest federal credit union inMaryland, serving over 125,000 members worldwide. From just $35 in 1953, Tower has grown to a $2.5 billion financial institution today.
The conversion and merger are tentative pending regulatory approval by the Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration (NCUA). At the time of final merger approval, members of USCGCCU will automatically become Tower members.
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About Tower Federal Credit Union
Tower Federal Credit Union is a member-owned, non-profit financial institution with headquarters in Laurel, Maryland. Established in 1953, Tower is the largest federal credit union in Maryland with over $2.5 billion in assets. It provides a full array of financial products and services and serves over 125,000 members worldwide. Tower serves its local-area members with eleven branches in Prince George’s, Howard, Anne Arundel and Baltimore counties and five branches at Fort Meade, as well as online services and mobile banking at towerfcu.org.
About U.S. Coast Guard Community Credit Union
U.S. Coast Guard Community Credit Union is a member-owned, non-profit financial institution headquartered near the U.S. Coast Guard Yard in Baltimore, Maryland. USCGCCU has $32.7 million in assets. Established in 1940 as the U.S. Coast Guard Depot Credit Union, it has grown into a community financial institution specializing in primary financial products and services. USCGCCU serves its members with a branch in North Anne Arundel County and in South Baltimore and through eServices at uscgccu.org.
Click here for Members’ Frequently Asked Questions
Supporting Documents
- Notice of Special Meeting of Members
- Amended and Restated Articles of Incorporation
- Amendment to By-Laws
- Agreement and Plan of Merger
