Old Dominion University Credit Union in Norfolk, Va., has merged into Langley Federal Credit Union in Newport News, Va.
The $2.7 billion-asset Langley said on Thursday that it will retain the employees of the $29.7 million-asset Old Dominion. Langley also plans to renovate Old Dominion’s two branches.
Old Dominion opened in 1958 and served about 3,000 members, including employees, students and alumni of Old Dominion University of Norfolk and their families. It decided to merge with Langley in part because both institutions “have rich histories within the Hampton Roads community,” Diane Parker, Old Dominion branch manager, said in the press release.
“This is a significant merger for our company and the Old Dominion University community,” Tom Ryan, president and CEO of Langley, said in a statement. “Its members will now have access to our other branches throughout Hampton Roads.”
Langley earned about $13.2 million in the first nine months of 2018, a roughly 13 percent increase over the same period in the prior year.
Meanwhile, Old Dominion recorded net income of $7,218 in the first nine months of 2018, a 34 percent jump from the same period in the previous year.
