VolCorp Members Overwhelmingly Approve West Virginia Corp Merger
Volunteer Corporate Credit Union has announced that its members, at a special Nov. 22 meeting, overwhelmingly approved the proposed merger with West Virginia Corporate FCU.
More than 50% of the members of the Nashville corporate voted and some 94% voted in favor.
The Tennessee Department of Financial Institutions earlier in November approved the merger, subject to an approval – expected to be issued in January – by the NCUA.
A vote by members of the $255 million West Virginia Corporate is set to follow shortly after that agency issues its expected approval.
“We are hoping we can complete this by January 31,” said Sandy Swofford, spokesperson for the $1.6 billion Tennessee corporate.
“We are excited about the opportunity to collectively serve the membership of both corporates,” said Rick Veach, CEO of VolCorp., in a press release “The consolidated entity will continue to meet all of NCUA’s regulatory requirements, providing for a stronger corporate going forward.”
The planned merger was first announced in May.