FAIRFAX, Va.– The proposed merger between Apple FCU and NextMark Credit Union has been approved by NextMark's membership and state and federal regulators, the CUs reported in a joint release.
Ninety-three percent of NextMark's members voted in favor of the combination.
The merger is set to be completed on Jan. 1, 2025.
The newly merged organization will serve more than 260,000 members across 25 branches throughout Northern Virginia. Combined, the organization will have assets of over $4.9 billion.
“We are not just merging institutions, we’re merging missions,” said Andy Grimm, Apple’s president/CEO. “Both credit unions share a proud history of prioritizing our members, employees, and communities. We are excited about the new opportunities this creates for everyone we serve, and are thrilled to officially welcome the NextMark members and employees to the Apple team.”
"We are delighted our members recognized the tremendous advantages of merging with Apple,” said Joe Thomas, president/CEO of NextMark. “This partnership not only enhances the benefits our members will enjoy.”
When the merger is completed, the combined credit union will do business as Apple Federal Credit Union. Grimm will continue as Apple’s President/CEO. Thomas will join Apple in a strategic advisory role as executive president, the CUs said.