The credit union industry is continuing to consolidate, with Maritime, Mining & Energy to merge with Power, creating an entity with over $400 million in assets."We have already resolved the three key areas of the merger. The board, the CEO and the new name", said Mark Genovese, CEO of Maritime.The new 12 member board will consist of seven Maritime and five Power members, with Genovese as CEO of the newly named Maritime, Mining and Power Credit Union."This name reflects the markets which we serve".The CEO of Power, Vince Del Zio, declined to nominate himself for the top position, and will fill the deputy CEO role. "We have identified around $700,000 in ongoing cost savings from the merged entity, and there will be some one off costs in the first year."Then we are looking at around a 20 per cent increase in return on assets in year two, and then we will build gradually on that in the next two to three years."There will be no forced redundancies, with the overlapping positions cleared by voluntary redundancies and natural attrition.The merged entity will have eleven branches, 22,000 members with headquarters remaining in the Sydney CBD. Maritime is almost twice the size of Power.