Virginia-Based Chartway Absorbs Utahs HeritageWest

January 03, 2010, 7:05 p.m. EST 1 Min Read

TOOELE, Utah–NCUA continued its policy of reaching across multiple state lines to find merger partners for troubled credit unions, announcing on New Years Eve that Virginia Beach, Va.-based Chartway FCU would purchase and assume the assets of Heritage West FCU here.

The $311-million HeritageWest, which has 40,000 members, reported a $15 million loss at mid-year 2009, including NCUSIF stabilization expense. The $1.2-billion Chartway has 52 branches and already operates, in addition to its home state, in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, and Texas.

HeritageWest’s closure closed 2009 as the 15^th credit union credit liquidated by NCUA during the year.

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