Vizo Financial Corporate Credit Union will be the new name for the corporate credit union formed by the merger of Mid-Atlantic Corporate Federal Credit Union and First Carolina Corporate Credit Union.
The merger of the two organizations is scheduled for Oct. 1.
The two corporates said the new moniker, pronounced "vih-zo," was chosen because it evokes the concept of "a vision."
"A vision where credit unions thrive in the present and expand in the future. For Vizo Financial, this vision is not just a goal, but a mission," they said in a press release.
"The name Vizo Financial signifies that the credit union movement's vision of a successful and cooperative future is possible," said Jay Murray, president and CEO of Middletown, Pa.-based Mid-Atlantic Corporate. "We chose the name because we feel it evokes the futuristic sense that accompanies our vision, while still maintaining the integrity that credit unions are so proud of."
"Our vision is to help credit unions survive well into the future, and we do that by offering relevant products and services that make credit unions competitive," said David Brehmer, president and CEO of Greensboro, N.C.-based First Carolina. "The name Vizo Financial is a reminder of what our organization does every day to make that vision a reality."
The first step toward merging the two corporates came almost exactly one year ago, when the two boards of directors said they had agreed in principle to combine their organizations in a "
When the merger is completed, Vizo Financial will serve more than 1,200 credit unions, leagues and CUSOs in 46 states and Canada. The management team said the corporate will offer a "multitude of services," including balance sheet management, payments, technology, liquidity, risk management, video production and more.
Mid-Atlantic Corporate FCU currently serves CUSOs, leagues, chapters and more than 800 credit unions. First Carolina Corporate CU is a $1.4 billion, full-service corporate serving more than 200 credit unions in six states.
