NASHVILLE — The merger between Kentucky Corporate FCU and Volunteer Corporate CU moved a step closer to completion with NCUA approving the deal earlier this month in a closed meeting.
Still needed are approval from the Kentucky Corporate membership — to be decided during a special member meeting scheduled Tuesday — and final approval from the Tennessee Department of Financial Institutions.
Rick Veach, CEO of $1 billion-asset VolCorp, said, "The addition of Kentucky members will allow VolCorp to continue to be very competitive on pricing, yet remain small enough to provide a high level of service to each of our members."
Marsha Hahn, Kentucky Corporate's CEO said, "We are pleased and excited to have NCUA approval. Furthermore, we truly appreciate the patience and encouragement our member credit unions have shown throughout the merger process. The strong member service culture at VolCorp will not only allow Kentucky credit unions to continue receiving the high level of member service they are accustomed to, but provide them with the opportunity for additional products and services."
With the addition of Kentucky Corporate, VolCorp will have assets of approximately $1.4 billion and over 400 members. Operations and staff will be maintained at the $153 million-asset Kentucky Corporate's Louisville, Ky., headquarters the corporates previously reported.
