Virginia-based Chartway Federal Credit Union is slated to complete by month's end an NCUA sanctioned merger of an undisclosed $400 million Midwest credit union, its president/CEO Ron Burniske said Monday.
"I am not at liberty to identify the credit union but we have already signed a management agreement in which we are already running the credit union and expect final NCUA approval to a merger at the end of December," said Burniske, head of the $1.3 billion Chartway, located in Hampton Roads/Virginia Beach.
Under the deal in the works for months, Chartway will take over the Midwest CU's five branches and a community charter and operate in a market where real estate conditions have remained relatively stable with no sharp "decimation of values."
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Burniske said the staffs of both Chartway and the targeted CU have been informed of the planned consolidation.
The Chartway CEO said also his CU, "in very healthy condition" is a member of an elite CU billion dollar group that is actively and aggressively soliciting mergers of CUs "where we have a suitable fit." He said his CU staff over the last year has made "maybe 150 calls" either e-mail, phone in person "or through general networking" inquiring with boards and CEOs about possible consolidations
"It's obvious that based on NCUA field of membership restrictions, this is a window of opportunity and a feasible route we can grow," concluded Burniske.
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