COLUMBIA, S.C. — VARO No. 319 FCU is set to merge with Carolina Collegiate FCU, following a vote by VARO's members, the two credit unions announced Tuesday.
The merger follows a proposal from VARO's board in February, which was put to a vote and approved during a special meeting last month. VARO has just $1.1 million in assets and serves 326 members. It has $827,000 in loans on the books, according to its most recent Call Report, mostly concentrated in auto lending, but has already posted a $30,000 loss for 2014. It lost more than $17,000 total in 2013.
Carolina Collegiate has more than $87 million in assets and serves more than 12,000 members.
"We welcome the VARO membership to the Carolina Collegiate family," CCFCU's CEO Anne Shivers said in a statement. "We are committed to maintaining high quality service for all members and extending all of our services to our newest members."
The former VARO members will have access to four Carolina Collegiate branches, mobile banking, business and consumer loans, mortgages, remote deposit capture capability and more.
The merger is expected to be finalized by June 18, with all accounts transferred and services available to the new CCFCU members by that date.
