Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
12 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
13 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
13 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
14 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
15 hours ago