MIDDLETOWN, Penn. — Mid-Atlantic Corporate FCU said this afternoon it has completed the merger of Virginia Corporate FCU, the latest corporate combination creating a corporate credit union with $4.1 billion in assets serving more than 800 credit unions.
"The combined institution will give us the opportunity to grow the usage of our products and services, which will keep costs down for all members," said Jay Murray, president of Mid-Atlantic.
The combination is one of a half-dozen that is remaking the corporate credit union system; with Volunteer Corporate CU merging with West Virginia Corporate CU; Southwest Corporate with Georgia Corporate; Corporate One with Southeast Corporate; Montana's Treasure State Corporate with Kansas Corporate; and Alabama's Corporate America CU with Louisiana Corporate.
After completion of the mergers there will be just 14 corporates surviving, down from 27 three years ago and more than 35 a decade ago.
