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.
Synergy One, chartered in 1970, with two branches and 25,000 members, lost $2.8 million last year but narrowed the deficit in the first half to $533,000. It has been operating at 4.49% net worth.
William White, president/CEO of Synergy One, explained that his CU "has been very hard hit by the recession and the ensuing mortgage defaults so this merger will help bring us stability."
Apple, established in 1956, has 19 branches and more than 118,000 members. It serves Fairfax, Frederick, Loudoun, Prince William and Stafford counties.
Apple's press released noted that in 2010 "according to RealtyTrac.com, one in every 436 households in Prince William County was in foreclosure, and US Department of Labor statistics show that the county had an unemployment rate of 5.4 percent. In comparison, in Fairfax County one in every 885 households was in foreclosure and the county's unemployment rate was 4.6 percent."
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