MARTINSVILLE, Va.–Credit unions in Virginia and Hawaii have announced merger plans.
In Virginia, the $392-million ValleyStar Credit Union and the $77-million Entrust Financial Credit Union are planning to combine, subject to membership vote and regulatory approvals. Once combined under the ValleyStar name, the credit union will serve approximately 55,000 members.
In a statement, the credit unions credited passage of legislation in Virginia in 2016 that allows out-of-market mergers. That legislation passed following a tie-breaking vote by then lieutenant governor and now Governor Ralph Northam.
“The potential for this merger is monumental,” said Delbert Lee Morgan, president/CEO of ValleyStar Credit Union, in a statement. “Both organizations have the same servant heart to members and community. Building a stronger organization will allow our combined credit union to offer superior products and services while continuing to extend membership and jobs to Virginians.”
Added Lisa Lambrecht, president/CEO of Entrust Financial Credit Union, “This merger with ValleyStar Credit Union is an amazing opportunity for two servant-hearted credit unions to combine talents to enhance their positive impact on the community and the lives of their members for years to come. We remain steadfast in our commitment to the higher purpose of our members and the community.”
The credit unions said plans call for the merger to be completed by June 30, 2019.
Hawaiian Merger
Meanwhile, in Hawaii, Times Federal Credit Union said it is merging into Hawaiian Financial Federal Credit Union, which recently changed its name from Hawaiian Tel Federal Credit Union.
“It is our pleasure to welcome our newest members to Hawaiian Financial FCU. We are honored and look forward for the opportunity to serve the members of Times FCU,” said Hawaiian Financial FCU President Norman Okimoto.
Times FCU was chartered in 1959 to serve the employees and families of Teruya Brothers Ltd., Times Supermarket, Fastop Convenience Stores, Ilima Hotel, Big Save Stores, Shima’s Supermarket and Fujioka’s Wine Times. With 932 members and $7 million in assets, Times FCU had one branch.
Hawaiian Financial FCU has $628 million in assets and more than 59,000 members.