Mid-Atlantic Merger With VACORP Gets Approval
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 in late October.
Originally announced in December 2010, when finalization was anticipated to occur in March, the merger took much longer than expected mainly because “NCUA is dealing with a lot of issues,” said Jay Murray, CEO of Middletown, Pa.-based Mid-Atlantic.
Murray indicated he would continue as CEO of the merged corporate credit union, which will be headquartered in Middletown pending approval of the merger in separate votes by both memberships. Results are expected to be announced at a Nov. 15 meeting at VACORP headquarters in Lynchburg, Va.
Currently, Mid-Atlantic has 703 members, according to Murray. VACORP has 165. Murray declined to estimate how many VACORP members will transition into Mid-Atlantic.
“We plan to build out the services we offer in Virginia and will work with the Virginia League to better serve those credit unions,” said Murray.
He added: “We will wrap this up in three to four months.”