NEWPORT NEWS, Va.–Two Virginia credit unions have announced plans to combine.
The $115-million Virginia Beach Schools FCU is seeking to merge into the $3.86-billion Langley FCU, pending regulatory approvals and an VBSFCU membership vote.
The combined CU would have more than 300,000 members and 22 branches and assets over $4.1 billion dollars.
The credit unions issued a statement saying the “merger represents a partnership between two credit unions committed to providing their members with the highest value in financial services. The board(s) of directors and leadership of both credit unions recognize they can serve members better together.”
“After careful consideration, the board of directors and I agree that merging with Langley will bring tremendous value to our members, provide more opportunities for employees, and allow us to have a greater impact on the school community and local communities we serve,” said VBSFCU President/CEO Brian Clark in a statement. “Our mission and values are closely aligned. Together we will continue to help improve our members’ financial lives while still honoring the history of our organization.”
Virginia Beach Schools FCU reported net income of $117,870 in the first quarter, and net worth of 7.19%.
‘Enhanced Convenience’
“This merger provides a much greater presence across Hampton Roads and will deliver enhanced convenience and other significant benefits for members and for the communities we serve,” said Tom Ryan, president/CEO of Langley FCU. “After many months of discussions, what we’ve discovered as we’ve gotten to know one another is that our two organizations have great synergy, shared values, and a shared vision for the future.”
Langley FCU reported $8.6 million in net income in the first quarter and net worth of 9.28%.