SHREWSBURY, N.J. — In a first for the corporate credit union network, today two corporate credit unions will be voting on the same day on whether or not to merge with another corporate, WesCorp.
The membership of $3.5 billion SunCorp, Arvada, Colo., and $1.2 billion VolCorp, Nashville, Tenn., will conduct merger votes. This is the first time two corporates have conducted merger votes on the same day.
The VolCorp merger was announced over a year ago, but has run into some delays with the state regulator in Tennessee that have been worked out. The regulator was looking for "compelling" benefits of the merger for Tennessee CUs. VolCorp was created by the Tennessee legislature.
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In Colorado, things have moved faster. The merger plans were just announced back in April.
With $32 billion in assets, WesCorp is the largest corporate credit union.
The only other pending corporate merger is between $12 billion Southwest Corporate and $1.1 billion Northwest Corporate.
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