Together, PenAir Credit Union and Fort McClellan Credit Union have nearly 165 years of service behind them. Now the two member-owned institutions plan to merge, creating a combined credit union with more than 155,000 members and 22 locations (with more on the way) across Alabama, Florida, and Virginia.
What’s Being Proposed
The merger still needs regulatory approval and a vote from eligible Fort McClellan members. If both come through, PenAir will be the continuing credit union. Leaders on both sides stress that this isn’t just about getting bigger. They say it’s a pairing of two organizations with similar values and a people-first approach to banking.
“Fort McClellan Credit Union is an exceptional organization with a proud history of service and deep roots in the communities it serves,” said Lee Morgan, president and CEO of PenAir. “As we got to know the FMCU team, it became clear that we share the same beliefs about what a credit union should be. We both believe in putting people first, investing in our communities, and helping members improve their financial well-being. This partnership allows us to build on those shared values while creating new opportunities for members, employees, and the communities we serve.”
Why Fort McClellan Is Making the Move
FMCU has served Northeast Alabama for more than 70 years, with a strong base in Anniston and nearby communities. CEO Angela Smith said the goal was to open up more opportunities for members without losing the personal service and local relationships the credit union is known for.
“For more than 73 years, Fort McClellan Credit Union has been a part of the lives of our members and the communities we call home,” Smith said. “As we considered the future of our credit union, we were intentional about finding a partner that respected what we have built and shared our commitment to people. We found that in PenAir. This partnership allows us to preserve the relationships and community connections that make FMCU special while opening the door to even greater opportunities for our members and employees.”
What Members Could Gain
FMCU members would get access to PenAir’s products, services, and digital banking technology, along with a wider network of locations and more financial resources. The expected perks include:
- A larger branch and ATM network
- Extra service channels, including PenAir’s virtual branch
- Expanded business and wealth management services
- Additional resources to support members’ financial goals
The deal also includes commitments to people. Plans call for employee retention initiatives, expanded benefit opportunities, and a special dividend for eligible FMCU members before the legal merger takes place.
Leadership and Timeline
Lee Morgan will stay on as president and CEO of the combined organization. Angela Smith will serve as President, Fort McClellan Division during the integration period, giving staff and members a familiar face during the transition.
The legal merger is expected in the first half of 2027, and operational integration will continue through 2027 and into 2028. Until then, nothing changes: members should keep banking as they do today.
What to Watch For
The next milestones are regulatory approval and the FMCU member vote. Details on key dates and voting will go directly to FMCU members as the process moves forward, and the dividend announcement will be worth keeping an eye on as well. Anyone who wants more information can visit www.PenAir.org/FMCU.