In a true merger of equals, two Northern Virginia-based credit unions — Arlington Community Federal Credit Union and CommonWealth One Federal Credit Union — announced plans to merge in 2026, forming a single institution with more than $1.1 billion in assets and more than 61,000 members.

The merger, which is still subject to regulatory and member approval, aims to combine the strengths of both organizations while maintaining their community-focused identities. According to a joint press release, the decision was made “with great care, guided by a shared vision of what’s possible when two people-driven credit unions come together for the good of their members, employees, and communities.”

Under the proposed plan, Arlington Community, based in Falls Church and holding $529.5 million in assets, will merge with Alexandria-based CommonWealth One, which holds $543.6 million in assets. The combined credit union will retain the name CommonWealth One Federal Credit Union, reflecting what leaders call “a more inclusive representation of the combined membership.”

Karen Rosales, current CEO of Arlington Community, will lead the new organization. Frank Wasson, CEO of CommonWealth One, plans to retire in December 2026 but will remain on as a consultant to help with the integration.

Members will gain access to expanded branch locations, enhanced technology, and more personalized services, all while preserving the community-focused approach they already value.

“Together, we’ll be stronger and better positioned to serve you, while preserving what makes each of us special,” the organizations said.

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Arlington Community reported net income of approximately $799,000 in the first half of 2025 — a 10% increase over the previous year. CommonWealth One earned $892,000 in the same period, recovering from a $1.3 million loss during the first six months of 2024, according to NCUA call report data.

Founded in 1944 as Army Air Force Annex #1 Federal Credit Union, CommonWealth One currently serves over 38,000 members across Northern Virginia, Harrisonburg, Maryland, and Washington, D.C., operating eight branch locations. Post-merger, Arlington Community branches will carry a transitional name — “Arlington Community Federal Credit Union, a division of CommonWealth One” — until full systems integration is complete.

The boards of both institutions approved the merger agreement in September 2025. As of October, the credit unions are preparing a merger application for submission to regulators. A special meeting and member vote at CommonWealth One is expected in the second quarter of 2026, with legal merger completion anticipated by mid-year and operational integration by year-end.

The merger arrives amid a wave of credit union consolidation. According to recent industry data, 45 mergers were approved in the second quarter of 2025 alone.

If approved, members will see no immediate changes to their day-to-day banking. Branch access, account numbers, online banking, checks, and cards will continue to operate as usual through the transition. Leaders from both institutions pledged to keep members informed throughout the entire process.

Virginia already boasts being home to some of the largest credit unions in the nation including Navy Federal and PenFed.

“You’ll continue to see the same friendly faces, benefit from the same solutions-focused service, and enjoy being part of a cooperative that uplifts our communities.”

 – Karen Rosales
CEO
Arlington Community FCU