Credit Unions Merge in South Carolina
The $1.1 million VARO No. 319 FCU in Columbia, S.C., will merge with the $87.3 million Carolina Collegiate FCU, also of Columbia, June 18.
Members of VARO No. 319 FCU voted to approve the merger during a special meeting last month, according to a Carolina Collegiate FCU prepared statement.
“We welcome the VARO membership to the Carolina Collegiate family,” said Anne Shivers, president/CEO of Carolina Collegiate FCU. “We are committed to maintaining high quality service for all members and extending all of our services to our newest members.”
Chartered in 1947, VARO served 326 members.
Though VARO was a very small credit union, it managed to remain financially sound with a net worth of nearly 17% as of March 2014, just slightly below peer average of 18%, according to NCUA financial performance reports.
From 2009 to 2012, the credit union posted increases in total loans from $948,516 to $1.1 million, though total loans fell to $901,591 in 2013, NCUA financial performance reports show. And in 2013, VARO posted a net loss of $17,761, but recorded a net income gain of $10,452 in 2012 and $432 in 2011.
In 2009 and 2010, the credit union posted modest net income losses of $5,549 and $2,183, respectively, according to NCUA financial performance reports.