Volunteer Corporate Federal Credit Union has announced its "intent to explore a merger" with West Virginia Corporate Federal Credit Union, VolCorp spokesperson Sandy Swofford disclosed Tuesday.
"We have agreed to sign a letter of intent," Swofford added. "But it is not a done deal."
She elaborated that there need to be approvals issued by NCUA and by Tennessee state regulators, among other prefatory steps.
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Swofford explained that the Parkersburg-based West Virginia Corporate FCU had solicited merger proposals from a number of candidates and only now had Nashville-based VolCorp learned that it had been tabbed.
The present intent is to maintain the VolCorp name and Tennessee headquarters, but an office will also be maintained in Parkersburg, according to the draft agreement.
Charles Thomas, CEO of West Virginia Corporate, added that "this is a very positive development for our members. We are very excited about merging with VolCorp."
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