Pasadena-based Parsons Federal Credit Union to Merge with North Carolina Based Credit Union

Slowly, the vestiges and remaining influence of engineering titan Parsons Corporation is fading from Pasadena. 

First, Parsons Corporation moved its headquarters from the Crown City to Virginia in 2019. Then their iconic headquarters site in Old Pasadena was converted into One West Walnut, a massive mixed-used development. Now, the company’s credit union, which was originally started to serve their employees and continued to have a presence in the city even after Parsons left Pasadena, will be merged with a Charlotte, N.C-based credit union.

An announcement early Tuesday morning said members of Parsons Federal Credit Union had approved a merger with Skyla Credit Union in North Carolina.

The statement by Skyla Credit Union said the merger “will further expand the combined credit union’s economies of scale for enhanced operational efficiency and member services.” 

The merger will be effective on January 1, 2023, the statement said. It also indicated a transition phase, where member records will be combined and simple changes to members’ accounts and logins will take place, will be proceeding through August 2023.

“It’s our honor to continue the long history of exemplary service Parsons FCU has delivered to its members since 1975,” Eric Gelly, Skyla Credit Union President and CEO, said. “With this merger, we are confident that our united organization will deliver an even broader range of banking services, technology, and resources which Parsons FCU members can leverage to achieve their financial goals.”

Parsons FCU President/CEO Ray Crouse said the merger is expected to benefit their members even more.

“At Parsons FCU we have always been committed to being there for our members as they go through their life’s journey,” Crouse said. “Our merger with Skyla furthers this mission.”

An explainer on the Skyla Credit Union website said Parsons FCU will continue to maintain their offices in Pasadena and in Centreville, Virginia, where Parsons’ corporate headquarters moved to around February 2019. Skyla will be opening offices in Pasadena and in Centreville to be able to service Parsons FCU members better in both locations and around the world. According to a latest count in 2020, Parsons Corporation has over 16,000 employees worldwide, including about 500 in Pasadena and 1,400 in the rest of California.

The statement said Gelly will be president and CEO for the newly merged credit union, and Crouse will become the president of the wealth management group and the Credit Union Services Organization (CUSO) for the combined entity.

Three members of Parsons FCU’s Board of Directors will join the Skyla Board, two as Board members and one as an Associate Board member, according to the statement.

Parsons Corporation was founded in 1944 as the Ralph M. Parsons Company. The company delivered electronics, instrumentation, ground checkout systems design, and engineering for aircraft, missiles and rockets during the Cold War.

In 1974, Parsons opened the first part of its headquarters in Pasadena. After the company headquarters moved to Virginia, work started on a large development calling for a series of five-story buildings featuring 400 apartments, 210,000 square feet of office space, and 17,500 square feet of ground-floor retail space on the parking area surrounding the complex.

Today, Parsons continues to focus on creating the future of the defense, intelligence, and critical infrastructure markets. Now a digitally enabled solutions provider, the company says their employees are its “greatest asset.”

“We strive to be an employer of choice that engages employees in the community and creates rewarding career paths to cultivate a resilient workforce that is ready for the future,” Parsons says on its website.

For Parsons FCU members, Skyla has included some FAQs about the merger on the page, www.skylacu.com/parsonsfcu.