Tennessees VolCorp CU To Merge With West Virginia Corporate FCU
NASHVILLE, Tenn. – Volunteer Corporate CU has agreed to combine with troubled West Virginia Corporate FCU, the latest of a growing list of corporate marriages.
The agreement calls for VolCorp, with the name and primary office location being maintained. The plan also provides for a continued presence in West Virginia by maintaining operations and staff at West Virginia Corporate’s current base in Parkersburg, West Virginia.
“After months of review of multiple proposals and due diligence, our board has determined that this decision to merge with VolCorp will provide the best future opportunity for our members and will bring excellent value,” said Tom Brewer, CEO of Peoples FCU in in Nitro and chairman of the West Virginia board.
At the end of February West Firginia Corporate had $255 million in assets and zero paid-in-capital capital.
VolCorp had $1.7 million in assets and $5.9 million in capital.
The merger follows planned combinations of Pennsylvania's Mid-Atlantic Corporate FCU with Virginia Corporate FCU; Texas' Southwest Corporate FCU with Georgia Corporate CU and Alabama's Corporate America CU with Louisiana Corporate CU.