NORTH CHESTERFIELD, Va.–Two Virginia credit unions have announced a merger. The $90-million Chesterfield Federal Credit Union said it plans to merge into the $3.7-billion Virginia FCU.
Both boards have approved the deal, which awaits regulatory approval, as well as a vote by members of Chesterfield FCU that is scheduled for Jan. 23.
If members approve the deal, the merger is expected to take place in early 2020.
According to the two organizations, Chesterfield Federal Credit Union’s two branches would become full-service branches of Virginia Credit Union once the deal is completed. Current CFCU employees will be given the opportunity to apply for positions at Virginia Credit Union.
Chesterfield Federal Credit Union told the Richmond Times-Dispatch the merger is happening because its board believes it is in the best interest of the credit union and its membership.
“We made this decision for the long-term sustainability and expansion of services to our members,” CFCU Chairman Scott Zaremba told the Richmond Times-Dispatch. “With growing costs for technology, and compliance and security, it is increasingly difficult for small and midsize credit unions like ours to provide the range of services that members deserve and expect.”
‘A Good Fit’
Chesterfield Federal Credit Union, which was founded in 1963, primarily serves employees of Chesterfield government and Chesterfield public schools. It has approximately 12,000 members.
It has about 12,000 members and $90 million in assets.
“We already serve thousands of Chesterfield County residents,” Chris Shockley, Virginia Credit Union’s president and CEO, told the Times-Dispatch. “Both credit unions have made financial wellness for our community a top priority, so we agree this represents a good fit.”
Virginia CU has approximately 18 branches and 290,000 members.