The $1.1 million VARO No. 319 FCU in Columbia, S.C., will merge with the $87.3 million Carolina Collegiate FCU, also of Columbia, June 18.
Members of VARO No. 319 FCU voted to approve the merger during a special meeting last month, according to a Carolina Collegiate FCU prepared statement.
"We welcome the VARO membership to the Carolina Collegiate family," said Anne Shivers, president/CEO of Carolina Collegiate FCU. "We are committed to maintaining high quality service for all members and extending all of our services to our newest members."
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Chartered in 1947, VARO served 326 members.
Though VARO was a very small credit union, it managed to remain financially sound with a net worth of nearly 17% as of March 2014, just slightly below peer average of 18%, according to NCUA financial performance reports.
From 2009 to 2012, the credit union posted increases in total loans from $948,516 to $1.1 million, though total loans fell to $901,591 in 2013, NCUA financial performance reports show. And in 2013, VARO posted a net loss of $17,761, but recorded a net income gain of $10,452 in 2012 and $432 in 2011.
In 2009 and 2010, the credit union posted modest net income losses of $5,549 and $2,183, respectively, according to NCUA financial performance reports.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
