Del-One Federal Credit Union, the largest credit union based in Delaware, is about to get even bigger.

The $725 million-asset institution this week announced plans to merge with Louviers Federal Credit Union in Newark, Delaware, to form a $1 billion-asset organization.

Dan McCarthy, president and CEO of Dover-based Del-One, told the Delaware Business Times there was no compelling hardship for either company that drove the decision to merge.

Still, Louviers lost nearly $144,000 in the first quarter of 2025 after earning $442,000 in 2024, according to call report data from the National Credit Union Administration.

“It’s hard to be competitive in the financial services industry; it’s hard to have scale,” McCarthy said.

McCarthy was named the credit union’s chief executive in January 2024 after serving in the role of interim president and CEO starting in December 2023.

Del-One has a banking relationship with about 1 in 10 Delawareans, McCarthy told the publication. The credit union has 88,000 members and earned $196,000 in the first quarter of 2025, a 68% decrease compared with the year-ago quarter, according to call report data from the NCUA.

The NCUA approved 35 mergers during the first quarter of 2025 compared to 26 a year earlier, according to the agency’s Merger Activity and Insurance Report that was released recently.

Louviers FCU has nearly 17,000 members and $227 million of assets, according to the NCUA.

The combined organization, which will use the Del-One name, would have 16 branches.  Louviers has about 30 employees, while Del-One employs roughly 180 workers across the state.

“We were approached by executives at Louviers Federal Credit Union as they were searching for a merging partner that shares their strong mutual commitment to members, teammates, and the community.”

 – Dan McCarthy
President and CEO
Del-One Federal Credit Union