FAIRFAX, Va. Apple FCU, the former teachers credit union that has become one of the biggest local credit unions in suburban Washington, D.C., announced this morning it is acquiring nearby Vantria FCU, a one-time $84-million credit union that has been adversely affected by the real estate market.
Vantria, chartered in 1950 to serve employees at the Cameron Station Army Post in nearby Alexandria, Va., reported a $2 million loss for 2012 and losses for each of the past five years, with net worth of just 4.2% at year-end 2012. It now serves all of Fairfax County.
"Vantria has been adversely affected by the decline in the real estate market, loan defaults and bankruptcies, as well as the increased burden of an evolving regulatory environment," said Patricia Malatesta, president of the $72 million credit union, based in Springfield, Va.
The deal is the second significant merger in two years for $1.7 billion Apple, which acquired troubled $180-million Synergy One FCU in 2011, extending its footprint to one of the biggest local credit unions. The former Fairfax County teachers’ credit union operates in the shadows of nationwide giants Navy FCU and Pentagon FCU. Apple serves Virginia’s Fairfax, Frederick, Loudoun, Prince William and Stafford counties, and its mission is to serve the educational community.
NCUA has approved the latest Apple merger. Apple will be absorbing Vantria, including all of its employees and its lone branch so there are no expected layoffs or branch closings related to this merger.
