Mid-Atlantic Corporate Federal Credit Union and VACORP Federal Credit Union have announced that the NCUA unanimously approved their merger plan at the closed NCUA Board meeting Thursday.
The intent to pursue a merger was revealed by the two corporate credit unions last December and at that time the state of VACORP’s books was said by both parties to be the trigger.
In announcing the NCUA approval, Jay Murray, CEO of Middletown, Penn-based Mid-Atlantic, said in a statement, “We look forward to welcoming VACORP’s members into our membership and are delighted that the NCUA has given the green light.”
Murray added: “Both corporates performed extensive due diligence, and undertook many months of planning and operational review before submitting our merger plan.”
“I believe our members will find this to be a very beneficial merger,” said Don Chapman, CEO of Lynchburg, Va.-based VACORP.
“From the outset, it has been very important to VACORP to seek a partner that offers high-quality programs and can ensure full-service continuity. Mid-Atlantic Corporate hit the mark on both of these requirements,” Chapman said.
“Further, our member credit unions will be able to take advantage of a wider array of products and services – something very important to ensuring their success going forward.”
A separate vote by members of the two institutions to approve the merger is slated to occur shortly. Results are expected to be announced at a special VACORP meeting on Nov. 15.
If the votes are to approve, the official merger date is expected to be March 31, 2012.
