NASHVILLE, Tenn. and PARKERSBURG, W.Va. (1/27/12)--Volunteer Corporate CU (VolCorp) in Nashville, Tenn., and West Virginia Corporate FCU in Parkersburg, W.Va., announced that the proposed merger of the two corporates received approval Thursday from the National Credit Union Administration (NCUA).
The NCUA board addressed the corporates' merger request Thursday during a closed meeting.
Obtaining NCUA's approval for the merger is one of the requirements that VolCorp and West Virginia Corporate FCU must have before the merger can be completed. The others include approval from the West Virginia Corporate membership--to be decided during a special member meeting on Jan. 30, certification of the West Virginia member vote, and final approval from the Tennessee Department of Financial Institutions.
"The combined entity will be large enough to be very competitive on pricing, yet small enough to provide a high level of service to each of our members," said VolCorp President/CEO Rick Veach.
Charlie Thomas, president/CEO of West Virginia Corporate, said the capital commitments made by West Virginia members to ensure the merger were a definitive testament that credit unions are willing to work together within a cooperative system to further their member-service goals.
The combined corporate will have assets of about $1.4 billion with 335 members.