RICHMOND, Va.–A small credit union here that serves a single company that recently announced it was shuttering, has found a merger partner.
The $1.2-million Cadmus Credit Union, which has approximately 350 members, serves Cadmust Specialty Publications. But that company has closed. Now, CCU is reporting it will merge into the $2.3-billion Chartway FCU, which has 190,000 members.
CEO Brian Schools said Chartway told RichmondBizSense.com CFCU has a track record of coming to the rescue of small credit unions, having done two similar deals in the last two years and with another in the works.
“We’re known for helping out and merging in small credit unions,” Schools told the publication.
That reputation helped lead to the Cadmus deal, which was facilitated in part by the Virginia State Corporation Commission’s Bureau of Financial Institutions, the report added.
‘In Decline for Years’
The printing plant employed 30% of the credit union’s members and also housed its credit union’s lone office, which remains open until the completion of the merger July 31.
“Cadmus (CU) had already been in decline for several years in terms of its assets, net worth, and membership, and it has not operated profitably since 2008. These trends have reached a point where Cadmus is no longer viable as a separate entity…” the BFI said in a recent filing.
Cadmus Credit Union was founded in 1951 by employees of William Byrd Press Inc.