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Progressive CU completes merger into Pentagon FCU

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Progressive CU completes merger into Pentagon FCU

New York-based Progressive CU merged into McLean, Va.-based Pentagon FCU, effective Jan. 1, Credit Union Times reported.

Deal talks began at the end of the third quarter of 2018, according to the Jan. 2 report.

In a letter dated Dec. 26, 2018, Progressive CEO Robert Familant said the credit union suffered heavy losses in its taxi medallions following the rise of ride-hailing platforms such as Uber. He said Pentagon is planning to support all of Progressive's current members and loans.

Pentagon President and CEO James Schenck said the taxi medallion loans were valued at approximately $290 million, CU Times wrote.

The deal gives Pentagon a presence in New York. Pentagon is also retaining all of Progressive's employees, and Familant will join Pentagon to head its New York operations, according to the report.

As of Sept. 30, 2018, Pentagon FCU had $24.08 billion in assets, while Progressive CU had $382.8 million in assets.