CHARLOTTSVILLE, Va.—Sperry Marine FCU and Virginia CU have announced plans to merge.
The boards of both organizations have approved the consolidation, which is expected to become effective May 31, pending regulatory approval and a vote by Sperry Marine members. The Richmond, Va.-based VCU will be the continuing credit union, and will absorb the $19-million Sperry Marine’s 2,000 members.
With $2.7-billion in assets, Virginia Credit Union is the largest state-chartered credit union in Virginia and already serves members in the greater Charlottesville area. Virginia Credit Union has 16 branches in Richmond, Fredericksburg and Farmville.
Sperry Marine serves employees of Northrop Grumman Corporation and other companies in the area.