MIDDLETOWN, Pa. (2/14/12)--Fitch Ratings affirmed Mid-Atlantic Corporate FCU's ratings after the corporate's recent merger.
Mid-Atlantic Corporate in Middletown, Pa., and VACORP FCU, Lynchburg, Va., completed their merger and opened as a combined institution Feb. 6. Mid-Atlantic Corporate is the continuing charter and is maintaining its current location. Mid-Atlantic said that the merger, combining more than 800 credit union members and over $163 million in capital, creates one of the strongest corporates in the country (News Now Feb. 7).
Fitch affirmed the "A+" long-term Issuer Default Rating (IDR) and "F1+" short-term IDR of Mid-Atlantic Corporate (BusinessWire Feb. 9).
The ratings also reflect Mid-Atlantic's stronger capital, relative to other corporate credit unions, Fitch said.
Because of its successful capital-raising initiatives, Mid-Atlantic has met all the new regulatory requirements. The merged entity's total capital is roughly $176 million--including $16 million in retained earnings, Fitch said.
Mid-Atlantic is the fourth-biggest company in the U.S. corporate credit union network, with total assets of about $4 billion and serving more than 850 member credit unions.