The $1.3 billion Apple Federal Credit Union is expanding its northern Virginia footprint this fall through a merger of the ailing, $180 million Synergy One FCU of Manassas.
The education-based Apple of Fairfax said the consolidation is to be completed in November and based on "economies of scale benefiting both credit unions" would allow Apple to build a member base among faculty, staff, students of the Prince William County school system, in an area already part of Apple FCU's FOM.
The merger "will result in better loan and savings rates for members of both credit unions," said Larry Kelly, president/CEO of Apple FCU.
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