MIDDLETOWN, Pa. (2/7/12)--Mid-Atlantic Corporate FCU in Middletown, Pa., and VACORP FCU, Lynchburg, Va., completed their merger and opened as a combined institution Monday.
Mid-Atlantic Corporate is the continuing charter and is maintaining its current location in Middletown, Pa.
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.
"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. Its capital ratios are:
- Retained earnings ratio of 0.49%;
- Tier 1 risk-weighted capital ratio of 19%; and
- Total risk-weighted capital ratio of 22%.
"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," Murray said.