Mid-Atlantic, VACORP Complete Merger
Mid-Atlantic Corporate Federal Credit Union and VACORP announced Monday that they have completed their merger and opened as a combined institution.
The merger plan initially was announced in December 2010. At that time, VACORP’s books were said to have “necessitated” the merger, according to Jay Murray, CEO of Middletown, Pa.-headquartered Mid-Atlantic.
Murray is continuing as CEO of the merged institution, which now claims more than 800 credit union members and over $163 million in capital.
The combined entity has total assets of $4.1 billion. Capital ratios are announced as follows: retained earnings ratio of 0.49%, leverage ratio of 5.40%, Tier 1 risk-weighted capital ratio of 19% and total risk-weighted capital ratio of 22%.
“We are excited to welcome VACORP credit unions to Mid-Atlantic Corporate,” Murray said in a statement. “The combined institution will give us the opportunity to grow the usage of our products and services, which will help keep costs down for all members.”