MIDDLETOWN, Pa. and LYNCHBURG, Va. (10/28/11)--Mid-Atlantic Corporate FCU, Littletown, Pa., and VACORP FCU, Lynchburg, Va., announced today that the National Credit Union Administration (NCUA) unanimously approved their merger plan at the agency's closed board meeting Thursday.
"Both corporates performed extensive due diligence, and undertook many months of planning and operational review before submitting our merger plan," said Jay Murray, president/CEO of Mid-Atlantic Corporate. "With the consent of the NCUA board, we can now move ahead with a vote by the memberships of both of our corporates."
Members of both corporates will vote on the proposed merger and the results will be announced at VACORP's special meeting scheduled for Nov. 15. If members vote to approve combining the two institutions, the formal merger date is expected to be March 31.
"I believe our members will find this to be a very beneficial merger," said Don Chapman, president/CEO of VACORP. "From the outset, it has been very important to VACORP to seek a partner that offers high-quality programs and can ensure full-service continuity. Mid-Atlantic Corporate hit the mark on both of these requirements. Further, our member credit unions will be able to take advantage of a wider array of products and services--something very important to ensuring their success going forward."