NORTH CHESTERFIELD, Va.–Spruance Cellophane Credit Union here said it plans to merge.
The $5.5-million Spruance Cellophane plans to combine with the $74-million Baylands Family CU in West Point, Va. The deal is expected to close by the end of the first quarter.
Spruance CEO Dottie Conwell told local media that in order to survive at its asset size a merger was the best option.
“We need to survive, we need to grow, and we needed to join forces in order to do that,” Conwell said. “We are less than a $6 million credit union and that is rare these days.”
Baylands CEO Christopher Burgess told RichmondBizSense.com BFCU will add SCCU’s branch to the three branches it currently has and will also employ Spruance Cellophane’s three employees.
That will add to its three branches in West Point, Norge and Bottoms Bridge.