The $1 billion Volunteer Corporate Credit Union and the $153million Kentucky Corporate Federal Credit Union announced Thursdaytheir intent to merge, according to a release from the twocorporates' boards.
|The agreement calls for the Nashville, Tenn.-based VolCorp to bethe surviving institution, maintaining its name and headquarterslocation. The Louisville, Ky.-based Kentucky Corporate willmaintain operations and staff at its headquarters.
|According to Kentucky Corporate Board Chairman Alan Butler,“VolCorpis financially strong, enjoys strong member support and islocated close to Kentucky Corporate's current location. We believethis merger will provide our members with a broad range of servicesto help them provide value added services to their members.”
|VolCorp President/CEO Rick Veach said combining the twocorporate credit unions will produce greater benefits for allVolCorp members.
|“Moving forward, this merger will allow us to broaden ourproduct offering and provide us the ability to continue paying apremium dividend on the capital investment in VolCorp,” hesaid.
|The merger must still obtain regulatory and member approval.
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