SMITHFIELD, R.I.–Navigant Credit Union said it has completed a merger with the $5.8-million Postal Employees Regional FCU in Pawtucket, R.I. 

PERFCU has approximately 500 members.  The $4-billion Navigant CU has approximately 162,000 members.

Postal Regional FCU posted a loss of $52,016 as of March 31, with net worth of a whopping 46.44%. As the CU Daily reported earlier, PERFCU told members there would be no distribution because of the costs Navigant Credit Union will incur related to the merger, and added, “Because the board believes the benefits our members will receive by becoming Navigant Credit Union members far exceeds a one-time dividend.” 

PERFCU’s existing branch location on Montgomery Street in Pawtucket has been permanantly closed, with Navigant CU saying members will have access to its 26 branches, including one located nearby at 20 Dexter Street. 

All PERFCU employees were offered new positions within Navigant Credit Union’s network, the CU said.

‘Commitment to Expanding’

“We are pleased to welcome PERFCU members into the Navigant Credit Union family,” Navigant Credit Union President / CEO Kathy Orovitz said in a statement. “This merger reflects our commitment to expanding access to exceptional banking services and delivering long-term value to every member we serve. We look forward to building lasting relationships with PERFCU members and continuing to support their financial well-being every step of the way.”