The $1.5 billion Chartway Federal Credit Union in Virginia vowed to "move forward" in soliciting more troubled CUs for mergers as it also defended its Jan. 1 NCUA takeover of a Utah CU as an opportunity to "save the culture" and protect identities.
In a statement, Chartway of Virginia Beach said its decision to merge the struggling $311 million HeritageWest FCU of Tooele, Utah, has created an industry stir or "storm" but should be viewed as an attempt by a large healthy CU to "assist" needy counterparts through the NCUA purchase/assumption process.
"For many, the news was that yet another financial institution had failed," said Chartway's President/CEO Ronald L. Burniske. On the contrary "we didn't see a troubled credit union" but one "reaching out for help," said Burniske.
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