Mid-Atlantic Corporate Federal Credit Union and VACORP FederalCredit Union announced that their memberships have approved themerger between the two organizations.

The announcement was made Monday at a VACORP membersmeeting in Richmond, Va.

The merger previously had won NCUA's blessing at the regulator's board meeting inOctober.

The formal merger date is now expected to be Feb. 4. As withcurrent members of Mid-Atlantic Corporate, all VACORP member creditunions joining Mid-Atlantic Corporate will be required to make acapital commitment as a condition of membership, said Mid-Atlanticin a statement.

In an earlier interview with Credit Union Times, Mid-Atlantic CEO Jay Murray – whocontinues as CEO of the combined organization – declined toestimate how many of Lynchburg, Va.-based VACORP's 165 members willchoose to capitalize Mid-Atlantic.

Middletown, Pa.-headquartered Mid-Atlantic, before the merger,had around 700 members.

Mid-Atlantic presently projects its assets on the date of themerger to be $4 billion, with $130 million in Perpetual ContributedCapital (PCC) and $10 million in Nonperpetual Capital Accounts(NCA).

“This merger will give us the opportunity to grow the usage ofour products and services, helping to keep costs down for allmembers,” said Murray in a statement. “This exemplifies the powerof credit unions working together for a common good anddemonstrates the value of the cooperative corporate model thatcredit unions built.”