PEMBROKE PINES, Fla. - (October 3, 2016) - Power Financial Credit Union has successfully completed its merger with Ryder System Federal Credit Union, which serves Ryder System, Inc. employees and family members.
Merger plans were jointly announced in May by Power Financial Credit Union President and Chief Executive Officer Allan M. Prindle and Ryder System Federal Credit Union CEO/President/Treasurer Kenneth A. Glenn.
A community credit union serving residents of Broward, Hillsborough, Martin, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas and Sarasota Counties in Florida, Power Financial Credit Union enjoys a 65-year legacy of service as the credit union for employees and families of Florida Power and Light (FPL), Homestead Air Force Base, Pan Am Airlines and National Airlines. Ryder System is a Fortune 500 provider of commercial fleet management, dedicated transportation, and supply chain solutions, recognized in 2016 by Fortune magazine as "One of the World's Most Admired Companies."
Now combined with Power Financial's national network, more Ryder employees than ever will be able to benefit from the credit union's services.
"Operational efficiencies will increase as a result of the merger, enabling more value for our combined membership and facilitating the extension of Power Financial Credit Union's impressive suite of convenient, mobile delivery solutions to Ryder System Federal Credit Union members," according to a joint statement from Prindle and Glenn. "We also are excited because the merger affords us an opportunity to expand the benefits and savings of credit union membership to Ryder employees nationwide."
The combined entity will be known as Power Financial Credit Union, with corporate headquarters remaining at Power Financial Credit Union's current facility at Sheridan Street and I-75 in Pembroke Pines. Prindle remains as President/CEO and Mr. Glenn is retiring. As part of the merger, Ryder System Federal Credit Union Chairman and Ryder Vice President of International Supply Chain Solutions Gene Sevilla-Sacasa has been named a Director on the Power Financial Credit Union Board.
The merged credit union will operate six branches and eight ATMs throughout South Florida, along with an ATM in Alpharetta, GA. Power Financial Credit Union now will serve more than 35,000 members with combined total assets approaching $650 million.
"Becoming a larger, more efficient credit union provides better services to our combined current membership and ensures we remain highly competitive and able to attract new members into the cooperative," Glenn and Prindle noted in their joint statement.
The merger officially became effective on October 1, 2016.
About Power Financial Credit Union
Power Financial Credit Union is a community-based, member-owned financial institution that has been providing high-quality, family-based financial services to the South Florida community for 65 years. We hear you. Respect You. And treat you like family. Power Financial Credit Union, which has been awarded a 5-Star Rating from BauerFinancial, the nation's top bank rating service, was named a 2016 "Top Workplace" by South Florida's Sun Sentinel and, for a third consecutive year in 2016, was ranked as one of Credit Union Journal's "Best Credit Unions to Work For."
Pre-merger, Power Financial Credit Union had more than 29,000 members, in excess of $575 million in assets, and five branches throughout Broward, Miami-Dade, and Palm Beach counties. The institution offers all the advanced products, services and tools of large banks, but with a unique, personalized, family friendly, community-centered focus. It also provides extensive electronic services to members, with 90% of all transactions conducted outside of its branches. Additional information is available at www.powerfi.org or by calling 800.548.5465.
