Members of Augusta VAH Federal Credit Union have approved a
SRP FCU stated in a
The merger, SRP FCU noted, already received regulatory approval from the National Credit Union Administration.
Based in Augusta, Ga., Augusta VAH FCU has about $71 million in assets, while SRP FCU, which is based across the border in North Augusta, S.C., is a $937 billion-asset institution. The combined credit union will have about $1 billion in assets and twenty branches in South Carolina and Georgia.
"We are excited to have the opportunity to merge into a local credit union that cares about this community and understands the needs of our membership," Phyllis Cochran, president and CEO of Augusta VAH FCU, said in a statement.
Harry Gunsallus, president and CEO of SRP FCU, said his credit union is "happy to welcome” Augusta VAH FCU’s members and employees.
Augusta VAH FCU posted net income of $452,115 for the first nine months of 2018, almost eight times the $63,712 figure it recorded in the same period of the prior year. However, over that same period, membership growth has remained essentially flat, from 9,865 to 9,878.
Meanwhile, SRP FCU posted net income of $14,446,770 through for the first nine months of 2018, a 33.9 percent increase over the same period as in 2017.
