SECU to acquire Anne Arundel County Employees Federal Union

Merger to close in the third quarter

March 13, 2012|By Hanah Cho, The Baltimore Sun

SECU, Maryland's largest state-chartered credit union, announced Tuesday that it will acquire Anne Arundel County Employees Federal Credit Union.

The proposed merger — with SECU as the surviving entity — would expand banking services and access to AACE FCU, which has 14,000 members and $81 million in assets, the financial cooperatives said.

The Anne Arundel County employees credit union joins the larger entity, which has over 225,000 members and $2.26 billion in assets.

All AACE FCU members were notified last week of the merger, which requires regulatory and member approval. The merger is expected to close in the third quarter.

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