Volunteer Corporate, W.Va. Corporate plan merger

NASHVILLE, Tenn., and PARKERSBURG, W.Va. (5/17/11)--The boards of directors of Volunteer Corporate CU (VolCorp) and West Virginia Corporate FCU (WVCFCU) Monday announced their intent to enter into a merger agreement.

The agreement calls for Nashville, Tenn.-based VolCorp to be the survivor, with the name and primary office location being maintained. Following regulatory and member approval, the corporates intend to merge operations for the benefit of the current members of both institutions.

The plan also provides for a continued presence in West Virginia by maintaining operations and staff at WVCFCU's current base in Parkersburg, W.Va.

"After months of review of multiple proposals and due diligence, our board has determined that this decision to merge with VolCorp will provide the best future opportunity for our members and will bring excellent value," said Tom Brewer, WVCFCU's board chairman.

"The combined institution will provide a greatly increased number of enhanced service offerings to the West Virginia credit unions," he added.

Hank Flury, VolCorp's board chairman, said he believes the merger "will create synergies that result in a win-win for all members. Together, we will move forward, creating a stronger VolCorp to further meet the changing needs of our member credit unions."

Creation of a merger timeline is under way.

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