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News Now

CU System
VolCorp W.Va. Corporate receive members merger approval
NASHVILLE, Tenn., and PARKERSBURG, W.Va. (2/2/12)--Members have given final approval to the merger of West Virginia Corporate FCU, Parkersburg, W.Va., and Volunteer Corporate FCU, Nashville, Tenn., the corporates announced Wednesday.

Volunteer will be the surviving entity, with offices in both Nashville and Parkersburg, the corporates said. Both corporates went into the union with capital commitments that will create a strong institution exceeding minimum regulatory requirements, they said.

The combined membership vote was 147-7 in favor of the merger, for an approval rate exceeding 95%.  Also, 82% of West Virginia Corporate's members agreed to invest in Volunteer Corporate PPC, using the same formula that applied to previous VolCorp members.

The combined corporate will have more than 250 PCC owning credit union members located in seven states. Assets will be about $1.4 billion, while capital will be about $72 million.

The National Credit Union Administration approved the merger at a closed on Jan. 26 (News Now Jan. 27).


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