NCUA Approves Mid-Atlantic/Virginia Corporate Merger

Published October 27, 2011, 1:38 p.m. EDT

Updated August 26, 2020, 11:11 p.m. EDT

2 Min Read

ALEXANDRIA, Va. -- The NCUA Board voted in closed meeting this morning to approve the combination of Pennsylvania-based Mid-Atlantic Corporate FCU with Virginia Corporate FCU, one of six corporate mergers in progress.

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The merger will create a corporate with almost $4.5 billion in assets serving a national field of membership of more than 900 credit unions.

There are at least five other corporate mergers in the works: Southwest Corporate (Bridge) FCU with Georgia Corporate FCU to create Catalyst Corporate FCU (approved by NCUA); 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.

“We look forward to welcoming VACORP’s members into our membership and are delighted

that the NCUA has given the green light,” said Jay Murray, President/CEO of Mid-Atlantic

Corporate. “Both corporates performed extensive due diligence, and undertook many months of

planning and operational review before submitting our merger plan. With the consent of the

NCUA Board, we can now move ahead with a vote by the memberships of both of our

corporates.”

Members of both corporates will vote on the proposed merger and the results will be announced

at VACORP’s special meeting scheduled for November 15, 2011. If members vote to approve

combining the two institutions, the formal merger date is expected to be March 31, 2012.

“I believe our members will find this to be a very beneficial merger,” said Don Chapman,

President/CEO of VACORP. “From the outset, it has been very important to VACORP to seek a

partner that offers high-quality programs and can ensure full-service continuity. Mid-Atlantic

Corporate hit the mark on both of these requirements. Further, our member credit unions will be

able to take advantage of a wider array of products and services – something very important to

ensuring their success going forward.”“We look forward to welcoming VACORP’s members into our membership and are delighted that the NCUA has given the green light,” said Jay Murray, president of Mid-Atlantic, which has $3.4 billion in assets and serves 700 credit unions.

Members of both corporates will vote on the proposed merger and the results will be announced at VACORP’s special meeting scheduled for November 15, 2011. If members vote to approve combining the two institutions, the formal merger date is expected to be March 31, 2012.

“I believe our members will find this to be a very beneficial merger,” said Don Chapman, president of VACORP, which has $1 billion in assets and serves 200 credit unions. “From the outset, it has been very important to VACORP to seek a partner that offers high-quality programs and can ensure full-service continuity."