RICHMOND, VIRGINIA, Aug. 01, 2024 (GLOBE NEWSWIRE) -- RICHMOND, VIRGINIA – Member One Federal Credit Union’s (Member One) membership has approved a merger with Virginia Federal Credit Union (Virginia Credit Union). The merger between the Roanoke, Va.-based Member One and Richmond-based Virginia Credit Union is effective Aug. 1, 2024, with the combined $7 billion organization employing 1,100 staff and serving almost 500,000 members through first-class digital banking services and 37 branch locations.
“’Better together.’ That’s been our theme and vision as we’ve worked together the last several months in pursuing approval for our merger,” noted Virginia Credit Union President/CEO Chris Shockley, who will remain President/CEO of the combined organization. “Now, we’re excited to move forward together, with our combined resources and talent empowering us to fulfill our mission to serve members, deliver best-in-class products and services, and support the communities we call home.”
As the organization works toward full integration of its systems and service platforms, Member One will operate as a division of Virginia Credit Union, meaning legacy Member One members will continue to bank as they normally do, accessing services and loan opportunities through existing digital platforms, ATM networks and branch locations.
To ensure access to timely information regarding member services and the merger integration process, information for members will continue to be posted to the memberonefcu.com and vacu.org websites, and communicated through other channels, including email.
No Member One or Virginia Credit Union employee will lose their job due to this merger, and no Member One or Virginia Credit Union branches will be closed as a result of this merger.
Member One’s membership had a seven-week window to vote on the merger proposal electronically or by paper ballot. Members were also able to vote in-person at a meeting on July 30.
“We’re grateful for the tremendous support this merger garnered from members and staff,” said Member One Federal Credit Union President/CEO Frank Carter. “By joining together two thriving, financially healthy organizations and combining our resources, we’re ensuring we can step confidently into the future and that we’re best positioned to serve our members and help them achieve financial success.”
Virginia Credit Union
Virginia Credit Union is a member-owned financial cooperative serving more than 329,000 members, offering a variety of affordable banking services, loans, mortgages, and free financial education resources. The credit union is an equal housing opportunity lender and is federally insured by NCUA. Learn more at vacu.org
Member One Federal Credit Union
Member One Federal Credit Union is a member-owned financial cooperative with more than 152,000 members. It offers a variety of affordable banking services, loans, and mortgages. The credit union is an equal housing opportunity lender and is federally insured by NCUA. Learn more at memberonefcu.com
Attachment
