Harry Gunsallus, president and CEO of SRP Federal Credit Union, confirmed to Credit Union Journal by email that Augusta VAH Federal Credit Union will merge into SRP FCU by the end of the year.
The proposed merger, already approved by the board of directors of each credit union, remains subject to regulatory approvals.
The $929 million-asset SRP FCU is based in North Augusta, S.C., while the $73 million-asset Augusta VAH FCU is based just across the state line in Augusta, Ga.
“This voluntary merger with SRP Federal Credit Union will provide a means for the enhanced products and services that Augusta VAH Federal Credit Union members desire,” said Phyllis Cochran, President and CEO of Augusta VAH FCU in a statement in a press release dated October 10. “We are very happy to be merging with a local credit union that is committed to serving the communities that we live, work, and worship in together. We are eager to begin this journey and know it will be beneficial for our members.”
Gunsallus stated in the same release: “Augusta VAH Federal Credit Union and SRP Federal Credit Union have a unique and strong relationship. We are both locally based credit unions with the common interest of serving and improving our community,"
Augusta VAH FCU posted net income of about $72,000 in the first half of 2018, up about 22 percent from the first half of 2017.
Meanwhile, SRP FCU posted net income of about $9.6 million in the first half of 2018, up about 28 percent from first half of 2017.
