Wednesday, December 22, 2010 11:14:11 AM
MIDDLETOWN, Pa., and LYNCHBURG, Va. - Mid-Atlantic Corporate Federal Credit Union and VACORP Federal Credit Union announced Tuesday they have entered into an agreement in principle to pursue a merger.
VACORP President/CEO Don Chapman reported that this announcement comes after "an extensive process of analysis and due diligence by senior management and the VACORP Board. Ultimately, our goal was to identify a solution that provided continuity of service for our members. We believe this merger will accomplish that goal."
Over the past few years, Mid-Atlantic Corporate and VACORP have worked together on various collaborative efforts, providing several correspondent services to members. The management teams of both corporates will immediately begin preparing the merger documents required to be submitted to NCUA for approval.
Mid-Atlantic Corporate President/CEO Jay Murray said, "This merger exemplifies the power of working together for a common good. By combining forces, VACORP and Mid-Atlantic Corporate will be able to pool our individual resources and expertise resulting in a greater benefit for the whole."
VACORP plans to host multiple Town Hall Meetings throughout Virginia in January and February with senior management from both corporates present to provide details of the merger and to answer member questions. Additionally, two Webcast Town Hall Meetings are planned for those credit unions unable to attend the scheduled meetings. Pending NCUA's approval of the merger, it is anticipated that VACORP members will be asked to approve the merger via mail ballot in March 2011.