Business digest — Sept. 27

Credit union accepts merger

Clovis’ High Plains Federal Credit Union has accepted PenFed Credit Union’s proposal to merge, effective in early November.

PenFed (also known as Pentagon Federal Credit Union) announced the merger on Sept. 19, stating in a press release it will gain more than 6,000 new members through the partnership.

Established in 1935 as the War Department Credit Union, PenFed serves 1.4 million members worldwide and boasts $20 billion in assets. The credit union is based out of Alexandria, Virginia.

PenFed will take over High Plains’ two branches in Clovis, its entire staff and its $39 million in assets, according to the press release.

According to PenFed Vice President of Corporate Communications Thomas “T.V.” Johnson, the High Plains Federal Credit Union name will change to PenFed Credit Union upon the merger.

Business Digest is compiled by CNJ staff. Contact Brooke Finch at 575-763-6991, or by e-mail:

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