Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Mid-Atlantic Corporate and VACORP complete merger
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%;
  • Leverage ratio of 5.4%;
  • 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.


RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
20 minutes ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
42 minutes ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
3 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
4 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
6 hours ago