MIDDLETOWN, Penn. and GREENSBORO, N.C.–Member credit unions of the $2.3-billion Mid-Atlantic Corporate FCU and the $1.4-billion First Carolina Corporate CU have approved the merger of the two organizations. NCUA has already approved the combination. The two corporates told CUToday.info that a new name is in the works and has been submitted to the U.S. Trademark Office.
“This merger presents so many possibilities not just for our member credit unions, but for the future of the credit union movement,” said Jay Murray, president/CEO of Mid-Atlantic Corporate. “By living out our dedication to cooperation, we’re proving that the credit union movement is strong and one that will survive because we work together.”
First Carolina Corporate president/CEO, David Brehmer, agreed, saying the new corporate would enjoy increased economies of scale. “With the combination of our organizations,” he said, “credit unions will have access to more products and services at the same or even higher level of service at competitive pricing. As a combined corporate, we’ll have the ability to give credit unions more for less, without having to sacrifice what they currently receive.”
The newly combined corporate will have a new name and serve over 1,200 credit unions, leagues and CUSOs in 46 states and Canada. The tentative merger date is expected to be Oct. 1, 2016. First Carolina Corporate’s North Carolina state charter will be the continuing charter, which will make the Greensboro, N.C., office the corporate’s headquarters. Mid-Atlantic Corporate’s location in Middletown, Penn., will remain open as well.
The new board of directors will have a total of 12 members with six directors coming from each of the corporates’ current boards. In addition, the executive leadership position will be shared by Jay Murray, current president/CEO of Mid-Atlantic Corporate who will serve as CEO of the combined entity and David Brehmer, current president/CEO of First Carolina Corporate, who will serve as president.