ALEXANDRIA, Va.–Separate credit union mergers have been announced in Virginia and South Carolina.
In the Old Dominion State, the $30-million AB&W Employees Credit Union said it will merged into the $375-million Commonwealth One Federal Credit Union. Members and regulators have approved the combination, with the official merger date set for March 1, 2020. The official merger is set for March 1, 2020.
In a statement, CommonWealth One Board Chairman Rupert Jennings, Jr. and President/CEO Charlotte H. Cash said, “This merger will be a positive addition to our 75-year legacy and the in best interest of both credit unions. We are looking forward to a completing the merger and serving the members of AB&W.”
AB&W CU has 4,000 members; CommonWealth One has approximately 33,000.
The AB&W branch at 6201 Richmond Highway, Alexandria, will continue to serve members from this location while AB&W staff will transition to CommonWealth One after the merger is completed on March 1, 2020, the credit unions said.
South Carolina Merger
Separately, in South Carolina the $31.7-million Health Facilities FCU here has agreed to merge into the $1.8-billion South Carolina FCU, based in North Charleston, S.C.
Members of Health Facilities FCU have voted in favor of the combination.
“We are very proud of our presence in Florence and are thrilled to deepen our community reach by merging with Health Facilities, a strong and trusted local entity,” said Scott Woods, president and CEO of South Carolina Federal. "Florence is a thriving town and we are committed to providing the best service to our soon to be 10,000 members here.”
The merger is effective March 2, 2020, and will retain both Health Facilities locations and all employees. Health Facilities CEO Robert Harris will continue with SC Federal as city executive.
"The leadership of Health Facilities believes this merger is an opportunity to provide more convenient, competitively priced products and services to our members, while keeping pace with the growth of Florence," said Harris. "We look forward to the future and serving both the PeeDee region and state of South Carolina."