GFCU Member Vote Passes to Merge with BCU.June 19, 2020
GEICO Federal Credit Union (GFCU), a $137 million credit union headquartered in Chevy Chase, MD, today cast its member vote to merge with Baxter Credit Union (BCU), a $4 billion credit union headquartered in Vernon Hills, IL.
The merger will take effect August 14. Together, the combined credit unions will serve more than 290,000 members across the US and Puerto Rico. The merger makes BCU the 58th largest credit union in the US. Once the merger is complete, GEICO FCU will officially become GEICO Credit Union, a division of BCU.
“Driving member and company partner value has been the cornerstone of BCU’s success since its inception in 1981. The merger with GEICO Federal Credit Union aligns perfectly with our core competency for developing strong relationships with America’s best workplaces to deliver the most beneficial workplace banking solution for everyone involved,” said Mike Valentine, BCU President & CEO. “Blending our organizations, we’re excited to carry the torch for what GFCU started in establishing a credit union for GEICO associates and their families to deliver financial freedom.”
The Boards of both credit unions enthusiastically support the merger, with each organization sharing an equal commitment to the Credit Union's success.
GEICO FCU associates who are transitioning to roles with BCU will have immediate access to BCU’s health and incentive plans, and a commitment to ongoing career and personal development through BCU’s Talent Management program, including Clifton Strengths-Based coaching, group mentoring courses, sales and service training, Employee Resource Groups, access to education assistance, and much more.
BCU will also honor service and retirement awards, as well as paid time off (PTO) as part of the Credit Union’s Total Rewards package.
"BCU has a proven track record for delivering a best-inclass workplace banking solution for large companies like GEICO that care deeply about the well-being of their workforce," said Bill Costa, GEICO FCU Chairman. "We are immensely proud of all that has been accomplished by every associate of GFCU. To continue building on the success of what we started and remain viable, bringing GFCU together with BCU enables scalable growth, more robust products, better technology, and expanded access and service delivery. The benefits realized by an improved ability to meet the needs of each member at every stage of their financial journey is in the best interest of our institution and our membership.”
BCU will continue to support all ten existing GEICO FCU Branch locations, with plans to add additional Branch locations in 2021. For more details on the merger benefits and BCU’s commitment to GEICO associates, watch the merger vote recording here.