A merger with VACORP was not his first choice, said Mid-Atlantic Corporate FCU president/CEO Jay Murray in offering perspective on the announcement earlier this week that the two corporate credit unions planned to merge. But then it became obvious that Lynchburg, Va.-based VACORP would not be able to meet new, more stringent NCUA financial requirements.
"We started out trying to help VACORP get beyond issues that arose after the U.S. Central collapse," Murray said. "A merger was not our first choice."
As he looked at his credit union's books, however, VACORP president/CEO Don Chapman came to the conclusion that VACORP would have a very tough time meeting the new capitalization requirements. So he picked up the phone, called Murray ("We had been working closely together for several years--we knew each other well," Chapman said), and proposed a wedding.
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