PENSACOLA, Fla. and ROANOKE, Va. –PenAir Credit Union in Florida and Star City FCU in Virginia said they have been given the regulatory go-ahead for their merger, which is now set to take place May 1.

The $1.59-million Star City CU has approximately 500 members. It posted a $115,776 loss in 2024, with net worth of just 4.55%. The $2.55-billion Pen Air CU has approximately 130,000 members. It reported net income in 2024 of $15.8 million and net worth of 12.02%. The two CUs are approximately 765 miles apart.

“This union brings together two member-focused credit unions to provide expanded financial services, enhanced digital banking, and a more substantial community impact for members in Southwest Virginia,” the credit unions said in a statement. 

‘Broader Suite’

The statement added that Star City FCU members will gain access to a broader suite of financial products and services, enhanced rates, expanded access, and PenAir’s commitment to “Enhancing Lives” through “exceptional service and financial wellness initiatives.”

“We are excited to officially welcome Star City members into the PenAir family,” PenAir President and CEO Delbert Lee Morgan said in a statement. “Our goal is to make a real difference in Virginia by uniting our shared values and commitment to serving and uplifting our communities.”

Star City FCU was chartered to serve employees of Elbit Systems of America.