Two Virginia-based credit unions are planning to merge.
Members of PortAlliance Federal Credit Union will vote on Nov. 5 to consider a proposal to merge the institution into Chartway Federal Credit Union.
This is at least the second Virginia-based credit union merger
The Chartway-PortAlliance merger has already received approval from the National Credit Union Administration, according to an Oct. 10 statement from $2.16 billion-asset Chartway.
Upon completion, the combined organization would have assets of almost $2.2 billion, more than 190,000 members and a total of 19 branch locations in the Hampton Roads, Va. Area, along with 41 other branches spread across Florida, Texas, Utah and Virginia.
PortAlliance FCU, which is based in Norfolk, Va., was initially chartered in October 1958 as NORVA Naval Supply Center Federal Credit Union to serve civilian employees and military personnel assigned to the Naval Supply Center.
“Following thorough research and consideration, we determined that the opportunity to join Chartway – a credit union that shares our values, our culture and a mutual commitment to our members, employees and local communities – would bring great value to our membership,” PortAlliance’s interim president & CEO, Robin Engelhart, said in a statement.
Chartway FCU’s president & CEO, Brian Schools, stated that “we would welcome the opportunity to allow our collective membership to benefit from expanded account access, a larger branch and ATM footprint, and more convenient and competitive products and rates.”
PortAlliance FCU posted a net loss of about $1.39 million through the first six months of 2018, after it posted net income of about $221,000 in the same period of the prior year.
Meanwhile, Chartway FCU recorded net income of about $5.73 million for the first six months of 2018, a 63 percent jump from the same period in 2017.
