VolCorp and West Virginia Corporate Merger Receives Final Approval
West Virginia Corporate Federal Credit Union and Volunteer Corporate announced Wednesday that they have finalized their merger.
The surviving corporate will be VolCorp, headquartered in Nashville, Tenn. An office will be maintained in Parkersburg, W.Va., as well.
The combined vote of the membership of both corporates was 147-7 in favor of the merger. In addition, 82% of West Virginia members agreed to invest in Volunteer Corporate PCC, using the same formula that was applied to previous Volunteer members, VolCorp said in a press statement.
VolCorp added that the combined corporate will have over 250 PCC-owning credit union members located in seven states. Assets and capital will be approximately $1.4 billion and $72 million, respectively.
At its late January meeting, the NCUA had extended its approval to the merger.
The proposed merger had been announced in May 2011.