MIDDLETOWN, Penn. – Members of both Mid-Atlantic Corporate FCU and Virginia Corporate FCU have approved the combination of the two entities, creating a corporate credit union serving some 800 credit unions with $4 billion in assets.
The newly formed corporate will have $130 million in Perpetual Contributed Capital and $10 million of Non-perpetual Capital accounts.
The combination is one of a half-dozen corporate mergers in the works, including Southwest Corporate (Bridge) FCU with Georgia Corporate FCU to create Catalyst Corporate FCU; Corporate One FCU with Southeast Corporate FCU; Alabama’s Corporate America CU with Louisiana Corporate CU; Tennessee’s Volunteer Corporate CU with West Virginia Corporate FCU; and Kansas Corporate CU with Montana’s Treasure State Corporate CU.
The formal merger date is expected to be February 4, 2012. Mid-Atlantic Corporate will be the continuing charter and will maintain its current location in Middletown, Penn., and its directors, supervisory committee and officers will continue after the merger.
