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."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
