Members Greenlight HEMA FCU Merger Into PAHO/WHO FCU
By CU Today Staff —
ARLINGTON, Va.—Members of $17-million Healthcare Employees Mid-Atlantic (HEMA) FCU have approved a merger into PAHO/WHO Federal Credit Union, paving the way for the combined institution to begin operating Sept. 1 under the new name Bienestar Federal Credit Union.
The merger was approved in a member vote held July 10, the PAHO/WHO noted on its website.
The transaction combines two healthcare-focused credit unions and expands PAHO/WHO FCU's field of membership by bringing together employees and retirees from MedStar and other healthcare-related organizations under a single institution. In materials provided to members before the vote, HEMA's board said the merger would provide broader products and services while maintaining federal share insurance through the National Credit Union Share Insurance Fund.
The combined credit union will adopt the Bienestar Federal Credit Union name on Sept. 1, with officials saying the new brand—bienestar is Spanish for "well-being"—better reflects the organization's mission of promoting members' financial wellness and its expanded membership base. PAHO/WHO FCU said the institution will continue serving employees and retirees from healthcare, education and public service organizations while operating under its longstanding mission of helping people live healthier financial lives.
PAHO/WHO Federal Credit Union, founded in 1949, has assets of approximately $326 million. HEMA FCU had been headquartered in Silver Spring, Md.
Originally reported by CU Today.