Virginia Credit Union, Member One Federal Credit Union Announce Merger Approval
01 Agosto 2024 - 8:23AM
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 UnionVirginia 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 UnionMember 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
Lewis Wood
Virginia Credit Union
804-560-5664
lewis.wood@vacu.org