Tuesday, February 07, 2012 11:30:00 AM
Middletown, Pa. – Mid-Atlantic Corporate Federal Credit Union and VACORP Federal Credit Union completed their merger and opened as a combined institution on Monday, February 6, 2012.
The merger has created one of the strongest corporates in the country with more than 800 credit union members and over $163 million in capital.
“This merger exemplifies the power of credit unions working together for a common good and demonstrates the value of the cooperative corporate model that credit unions built,” said Jay Murray, President/CEO of Mid-Atlantic Corporate.
The combined entity has total assets of $4.1 billion. Capital ratios are as follows: retained earnings ratio of 0.49%, leverage ratio of 5.40%, Tier 1 risk-weighted capital ratio of 19.00 %, and total risk-weighted capital ratio of 22.00%.
“We are excited to welcome VACORP credit unions to Mid-Atlantic Corporate,” said Murray. “The combined institution will give us the opportunity to grow the usage of our products and services, which will help keep costs down for all members.”
Mid-Atlantic Corporate is the continuing charter and is maintaining its current location at 1201 Fulling Mill Road, Middletown, Pa. 17057.
For more information on Mid-Atlantic Corporate, visit http://www.midatlanticcorp.org.