WAYNESBORO, Va.–Waynesboro Employees Credit Union, which was initially chartered in 1958 to serve educators here, said it has agreed to merge into ValleyStar Credit Union in Martinsville, Va.
The $4-million WECU serves approximately 1,300 members. The $320-million ValleyStar has more than 40,000 members in both Virginia and North Carolina.
Waynesboro, which has just under 1,300 members and $4 million in assets, will join ValleyStar. The merger will mean more than $320 million in assets and 40,000 members across Virginia and North Carolina.
Beth Beach, assistant manager of Waynesboro Employees Credit Union, called the merger "a great opportunity for members. This will offer an extensive amount of services we do not have."
Beach said Waynesboro Employees Credit Union serves retired local teachers, retired city employees and their immediate families. Beach said the credit union offers savings accounts, certificates of deposit, and vehicle and personal loans.
"The merger will allow members to have access to ATMs, checking accounts and online banking," said Beach. Beach said that of the two full-time employees and one part-time at Waynesboro Employees Credit Union, one is expected to join ValleyStar.
Delbert Lee Morgan, president/CEO of ValleyStar Credit Union, said in a statement the combination of the two organizations means the credit union "will be stronger and better able to serve all members with our diverse offering of convenient and beneficial products and services."
Plans call for the merger to be completed by June of 2018.