Miami-based Ryder System Federal Credit Union ($43.1 million) willmerge into Pembroke Pines, Fla.-based Power Financial Credit Union ($574.8 million), accordingto a news release.
The merger is expected to be completed in the fall, subjectto regulatory approval and the approval of Ryder System Federal Credit Union'smembers. When the merger is completed, Allan Prindle will remain president and CEOof the combined entity.
Kenneth Glenn, president, CEO and treasurer of Ryder SystemFederal Credit Union, plans to retire. Gene Sevilla-Sacasa, chairman of RyderSystem Federal Credit Union and vice president of international supply chainsolutions at Ryder System Inc., will become a director of Power FinancialCredit Union.
The combined entity will operate six branches and eight ATMsthroughout South Florida and an ATM in Alpharetta, Ga., serving more than40,000 members.