ALEXANDRIA, Va. — The NCUA Board this morning approved the proposed merger of Tennessee's Volunteer Corporate CU with West Virginia Corporate CU, accelerating the pace of the corporate restructuring.
The corporate combination, the third approved by NCUA over the past 10 weeks, will create a $1.4 billion corporate with 335 members operating out of VolCorp's Nashville headquarters and West Virginia Corporate's Parkersburg, W.V., headquarters becoming a branch of the merged corporate.
"We are very excited about the possibilities created from the uniting of these two corporate credit unions," said Rick Veach president of VolCorp, who will head the surviving corporate. "The combined entity will be large enough to be very competitive on pricing, yet small enough to provide a high level of service to each of our members."
The deal has been approved by VolCorp's members and members of West Virginia Corporate are scheduled to vote on it Monday.
Since the end of the summer the consolidation of the corporate system has sped up significantly, with NCUA approving four mergers, a new charter for Alloya Corporate FCU, the one-time Members United Corporate FCU, and selling off the remnants of WesCorp FCU and U.S. Central FCU, the two huge corporate failures.
So far, NCUA has approved the mergers of Southwest Corporate with Georgia Corporate; of Mid-Atlantic Corporate with Virginia Corporate; of Montana's Treasure State Corporate with Kansas Corporate; and now VolCorp and West Virginia.
Also pending are proposed combinations of Corporate One with Southeast Corporate and Alabama's Corporate America CU with Louisiana Corporate CU.