HAMPTON, Va. – The $22 million Fort Monroe Credit Union, the only Virginia CU to fall victim to a military base closing last year under action by the U.S. Defense Dept.'s Base Realignment and Closure Commission, is undergoing a merger.

Management of Fort Monroe said it is pressing ahead to consolidate with the $32 million Tidewater Telephone Employees CU of Virginia Beach.

In June, members of Fort Monroe CU, which for years has had facilities on the nearby U.S. Army base, approved the merger calling it a means to add new members and grow as a combined institution.

“This is a natural fit in philosophy and organization for both credit unions and will expand our field of membership to seven Virginia cities,” said a spokeswoman for Fort Monroe CU, chartered in 1953.

For its part, Tidewater, chartered in 1958 won expanded FOM powers in 2004 “but because of its own lack of resources and manpower was unable to use it to the fullest extent,” added the spokeswoman.

As for Fort Monroe CU, BRAC ordered the base closed with military personnel dispersed to other military units. Final shuttering of Fort Monroe is set for 2011. A new name for the combined CU will be selected by December, said the CU.