Volunteer Corporate Credit Union has announced its intent to explore a merger with West Virginia Corporate Federal Credit Union, VolCorp spokesperson Sandy Swofford disclosed.
“We have agreed to sign a letter of intent,” Swofford added. “But it is not a done deal.”
She elaborated that there need to be approvals issued by the NCUA and by Tennessee state regulators, among other steps.
Swofford explained that the Parkersburg-based $255 million West Virginia Corporate Federal Credit Union had solicited merger proposals from a number of candidates and only now had Nashville-based $1.6 billion VolCorp learned that it had been tapped. The present intent is to maintain the VolCorp name and Tennessee headquarters, but an office will also be maintained in Parkersburg according to the draft agreement.
“We had eight full proposals to merge,” elaborated Charles Thomas, CEO of West Virginia Corporate. “The board made the decision to go with VolCorp.”
Thomas added: “This is a very positive development for our members. We are very excited about merging with VolCorp.”