FAIRFAX, Va. – Apple FCU announced this morning it has completed the integration of nearby Synergy One FCU, a one-time $205 million credit union that racked up big losses from its home equity line of credit portfolio in the northern Virginia suburbs of Washington.
The deal, one of the biggest credit union mergers in Virginia, will give the $1.4 billion Apple two additional branches and 25,000 new members in its core northern Virginia field of membership.
Synergy One, which was a community charter, lost $2.9 million in 2010 and $94,000 for the first three quarters of 2011, while its net worth declined to just 4.5%. As a result of the merger, former Synergy One President William White is now Apple regional president, Prince William County
Apple, which serves the area’s educational community, reported a $9.2 million net for the first three quarters of the year.
