Navigant announces proposed merger with Postal Government Employees FCU

Updated at 4:05 p.m.

SMITHFIELD – Navigant Credit Union announced on Tuesday it intends to merge with the Providence-headquartered Postal Government Employees Federal Credit Union. Navigant will subsume PGEFCUs membership to remain as the surviving credit union. 

Terms of the merger were not disclosed. Representatives from both Navigant Credit Union and Postal Government Employees Federal Credit Union did not immediately respond to request for comment.

PGEFCU’s main branch at 179 West River St. in Providence will be both rebranded and become Navigant’s first branch in Rhode Island’s capital. All PGEFCU’s 2,524 members will have access to Navigant’s full line of financial services, according to a news release. Navigant Credit Union currently has 136,000 members.

“We evaluated all possible partners, and selected Navigant Credit Union because of its commitment to the financial well-being of the families, businesses and communities it serves; as well as its excellent reputation for member service, and expansive list of products and services,” said Kenneth Poyton, CEO of PGEFCU in a statement. “Our members will also have access to their accounts at any of Navigant’s 24 branch locations throughout Rhode Island. Navigant Credit Union’s size, strength and stability offer the best opportunity for the growth of our membership and our employees.” 

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“We’re excited at the opportunity to serve the members of PGEFCU, and we’re committed to providing them with the exceptional banking experience for which Navigant Credit Union is known,” said Navigant President and CEO Kathleen C. Orovitz in a statement.  

The merger has received regulatory approval conditioned upon a positive vote of a majority of the members of PGEFCU who participate in a special meeting at 5 p.m. on July 25 at PGEFCU’s current headquarters on West River Street. The credit unions expect to finalize the merger later this year.

(Update: Number of both Postal Government Employees Federal Credit Union and Navigant Credit Union members added to 5th paragraph)

Sam Wood is a PBN staff writer. Contact him at Wood@PBN.com