Parsons Federal Credit Union's Members Approve Merger with Skyla Credit Union

Skyla Credit Union announced today that the members of Parsons Federal Credit Union (Parsons FCU) have approved the merger of the two organizations.

The merger of Parsons FCU with Skyla Credit Union will further expand the combined credit union's economies of scale for enhanced operational efficiency and member services. With the merger, Skyla will expand its footprint beyond the Carolinas region to service members nationally, including the employees and affiliates of the Parsons Corporation. The merger will be effective on January 1, 2023, and will be completed with Parsons FCU's member data conversion in August 2023.

"We are pleased to welcome the members of Parsons FCU to the Skyla family," said Eric Gelly, President and CEO, Skyla Credit Union. "It's our honor to continue the long history of exemplary service Parsons FCU has delivered to its members since 1975. With this merger, we are confident that our united organization will deliver an even broader range of banking services, technology, and resources which Parsons FCU members can leverage to achieve their financial goals."

"At Parsons FCU we have always been committed to being there for our members as they go through their life's journey," said Ray Crouse, President/CEO, Parsons FCU. "Our merger with Skyla furthers this mission. We are excited to merge our people, products, services, and operations to deliver more to our members and have an even greater impact on their lives."

With this merger, Skyla will be adding two additional locations, one in Pasadena, Calif. and one in Centreville, Va. to its existing 17 branch locations in North and South Carolina and will have assets of approximately $1.4 billion. This marks Skyla's move to become a nationally recognized credit union. Following the merger, the Parsons FCU branches will remain open, operating under the Skyla Credit Union brand.

For Parsons FCU members, the merger expands membership services including access to a 24/7 contact center, complete business loan and business account offerings, expanded online and mobile banking tools, access to lower borrowing rates and higher yields among other new benefits.

Eric Gelly will be president and CEO for the newly merged credit union and Ray Crouse will become the president of the wealth management group and CUSO (Credit Union Services Organization) for the combined entity. Three members of Parsons FCU's Board of Directors will join the Skyla Board, two as Board members and one as an Associate Board member. For more information, visit: www.skylacu.com/parsonsfcu.