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Synergy One Apple FCUs merger approved
FAIRFAX, Va. (8/16/11)--The National Credit Union Administration has approved a merger between Apple FCU, Fairfax, Va., and Synergy One FCU, Manassas, Va. Because Apple FCU will absorb all of Synergy One’s employees and branches, there will be no job layoffs or branch closings related to the merger, which will be effective in November. Synergy One was established in 1970 and has $180 million in assets, two branches and more than 25,000 members. Apple FCU was established in 1956 and has $1.35 billion in assets, 19 branches and more than 118,000 members. “Apple will benefit from greater economies of scale through this merger, which should result in better loan and savings rates for members of both credit unions,” says Larry Kelly, president/CEO of Apple. “This merger will be a win-win for our employees and our members,” said William White, president/CEO of Synergy One. “Prince William County has been very hard hit by the recession and the ensuing mortgage defaults have affected our credit union, so this merger will help bring us stability.” In 2010, one in every 436 households in Prince William County was in foreclosure, according to RealtyTrac.com. U.S. Department of Labor statistics show that the county had an unemployment rate of 5.4% last year. In nearby Fairfax County, one in every 885 households was in foreclosure and the county’s unemployment rate was 4.6%.


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