DOVER – Two Delaware credit unions have announced plans to pursue a merger.

The $724-million Del-One Federal Credit Union and the $227.4-million Louviers FCU, which is based in Newark, Del., said in a statement the combination would offer “new products, services and opportunities” to members.

Del-One, which has 88,000 members, reported $196,029 in net income as of Q1, with net worth of 8.60%. Louviers FCU, which has approximately 16,600 members, posted a $143,835 loss as of Q1, to go with capital of 16.82%.  It had net income of $442,325 as of year-end 2024. 

‘Hard to be Competitive’

“This is not a merger of necessity,” Del-One President and CEO Dan McCarthy told the Delaware Business Times. “Louviers and Del-One are both incredibly healthy financially and would be fine to continue in perpetuity…It’s hard to be competitive in the financial services industry; it’s hard to have scale. I’m proud to say that Louviers settled on us in their search for a merger partner based on our commitment to Delaware and the people we serve.”

Expanded Reach

Del-One said in a message to members the merger will also allow it to reach residents and professionals in the First State’s most northern county.

“About 63 or 64% of Delaware lives in New Castle County and Del-One has a banking relationship with about 1 in 10 Delawareans. As we’re able to continue to grow that, we can have an even bigger impact on folks,” McCarthy told the Delaware Business Times.

McCarthy said Del-One FCU was approached by Louviers FCU about the merger.