Big news for Virginia banking.
Virginia Credit Union and Member One Federal Credit Union have announced plans to merge.
Pending regulatory approval and a positive Member One membership vote, the combined credit union would serve about half a million members across the Commonwealth.
“This partnership represents the heart of the credit union industry’s cooperative mind-set,” Chris Shockley, President/CEO, VACU stated. “Fundamentally, credit unions came into existence when people saw an opportunity to band together and pool their financial resources in order to provide access to financial products and services to people who needed them.”
Combined, the organization would be the third-largest credit union in Virginia and one of the top fifty largest credit unions in the United States.
The union’s CEOs believe that this merger will provide more locations and resources and ultimately result in greater economies.
“When I first sat down with Chris and we started to share our visions for our respective credit unions, everything about partnering together felt right,” said Frank Carter, the President/CEO of Member One. “From the onset, both of our boards of directors have focused on ensuring that together we’d continue to provide the best member, employee, and community value.”
Officials expect the merger to be finalized sometime this year.