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Chartway Presses 'Troubled' Merger Campaign

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.

By Jim Rubenstein | Updated on January 14, 2010

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.

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