Mid-Atlantic Corporate Federal Credit Union and VACORP FederalCredit Union have announced that the NCUA unanimously approvedtheir merger plan at the closed NCUA Board meeting Thursday.

The intent to pursue a merger was revealed by the two corporatecredit unions last December and at that time the state of VACORP's books wassaid by both parties to be the trigger.

In announcing the NCUA approval, Jay Murray, CEO of Middletown,Penn-based Mid-Atlantic, said in a statement, “We look forward towelcoming VACORP's members into our membership and are delightedthat the NCUA has given the green light.”

Murray added: “Both corporates performed extensive duediligence, and undertook many months of planning and operationalreview before submitting our merger plan.”

“I believe our members will find this to be a very beneficialmerger,” said Don Chapman, CEO of Lynchburg, Va.-based VACORP.

“From the outset, it has been very important to VACORP to seek apartner that offers high-quality programs and can ensurefull-service continuity. Mid-Atlantic Corporate hit the mark onboth of these requirements,” Chapman said.

“Further, our member credit unions will be able to takeadvantage of a wider array of products and services – somethingvery important to ensuring their success going forward.”

A separate vote by members of the two institutions to approvethe merger is slated to occur shortly. Results are expected to beannounced at a special VACORP meeting on Nov. 15.

If the votes are to approve, the official merger date isexpected to be March 31, 2012.