Tucson-based Desert Energy Credit Union has merged voluntarily into Pima Federal Credit Union, the companies announced today.
The partnership between Desert Energy and the larger Pima Federal and creates one of the biggest credit unions in Southern Arizona with more than $330 million in assets and more than 50,000 members, a news release said.
Before the merger, Desert Energy had 8,513 members and $61.2 million in assets, while Pima Federal had 42,166 members and $274 million in assets, according to the National Credit Union Administration.
"This partnership brings together two strong credit unions that have had much success in the Tucson community," Nathanael Tarwasokono, president and CEO of Pima Federal, said in prepared remarks.
All employees of Desert Energy will be kept and become part of Pima Federal Credit Union. With the merger, Pima Federal will have six Tucson branch locations and one in Springerville, on the eastern edge of Arizona.
People are also reading…
BauerFinancial Inc., a Florida-based bank and credit union analyst, gave Pima Federal its highest rating of five stars based on its financial reports from the first quarter of 2009. Desert Energy received three stars from Bauer.