NORTH CHESTERFIELD, Va.–Two large Virginia credit unions said they are seeking to merge.
The $5.1-billion Virginia Credit Union here and the $1.6-billion Member One FCU in Roanoke are looking to combine to create a $6.7 billion credit union with more than 475,000 members.
The agreement calls for Member One to retain its name and branding, but would be known as Member One, a division of Virginia Credit Union.
According to an announcement from the credit unions, the agreement calls for VCU President and CEO of Virginia CU will hold the same title with the combined credit union, while Member One CU President and CEO Frank Carter would remain an executive until he retires. The combined credit union would employ about 1,100 people at about 37 branches. The credit unions said there would be no job cuts and or branch locations closures as the result of the merger.
If approved by members, the credit unions said they plan to have the combination finalized, including systems integrations, by mid-2025.
‘Heart of Cooperatives’
“This partnership represents the heart of the credit union industry’s cooperative mindset,” Virginia CU CEO Chris Shockley said in a statement. “Fundamentally, credit unions came into existence when people saw an opportunity to band together and pool their financial resources in order to provide access to financial products and services to people who needed them.”
Virginia Credit Union reported $19.8-million in net income and 10.8% in net worth through Sept. 30, 2023. Member One had $8.06 million in net income and capital of 9.52% as of the same date.
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