FAIRFAX, Va.–Two Virginia credit unions said they are seeking to merge.
The $4.47-billion Apple FCU and the $532.2-million Nextmark FCU, both based in Fairfax, Va., said they are looking to combine to create a credit union that would have more than 25 branches in Northern Virginia.
Apple FCU has 245,000 members and reported $7.23 million in net income and net worth of 10.01% as of Q1. Nextmark FCU has approximately 16,700 and reported $1.3 million in net income and net worth of 15.26% as of the same date.
The credit unions issued a statement saying the “partnership is rooted in shared values and a strong commitment to member service.”
Both credit unions said they also “hold a deep dedication to their members, employees and communities,” as well as a common vision for the future.
CEOs Issue Statements
“We are thrilled to be welcoming NextMark into the Apple team,” President/CEO Andy Grimm said in a statement. “They are a financially sound credit union with a long history of exceptional service to our mutual community. The combination of both credit unions will provide scale and a powerful synergy that benefits the members of both institutions.”
Added Joe Thomas, president/CEO of NextMark in a statement, “We are excited about the opportunity to merge with Apple. Our members will gain access to more than 20 new branch locations, and an expanded products suite, including business banking, and wealth management and insurances services. We are strengthening our commitment and value to members, employees, and the communities we serve.”
Timing, Management Changes
If Nextmark FCU members approve, the credit union said it is targeting November for the merger to take place. Grimm will continue as Apple’s president/CEO, while Thomas will join Apple in a strategic advisory role as executive president, the credit unions said.
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