NCUA Approves Corporate Credit Union Merger
The NCUA approved a merger on July 21 between First Carolina Corporate Credit Union of Greensboro, N.C., and Mid-Atlantic Corporate Federal Credit Union in Middletown, Pa., according to a joint statement released by both organizations.
The North Carolina state regulator also approved a corporate consolidation, because if the merger is approved by members, the combined corporates will operate under a North Carolina state charter.
On Friday, Mid-Atlantic Corporate and First Carolina Corporate will mail merger ballot packets to their respective memberships, the joint statement said.
The ballot packets will contain several informational documents regarding the merger, including an FAQ document, combined financials and a ballot for member credit unions to vote on the merger.
Ballots must be signed by a credit union officer to be valid. Ballots must be received by 5 p.m. Eastern Time on Friday, Aug. 12, the corporate organizations said.
If approved by the memberships, the merged corporate will be renamed and continue to operate its offices in Greensboro and Middletown.
Mid-Atlantic Corporate President/CEO Jay Murray would serve as CEO for the combined corporate, while First Carolina Corporate President/CEO David Brehmer would be named president.
The new board of directors would have equal representations from the corporates.
With $2.7 billion in assets, Mid-Atlantic Corporate serves CUSOs, leagues, chapters and more than 800 credit unions. First Carolina Corporate serves more than 200 credit unions in six states and manages $1.3 billion in assets.