Mid-Atlantic Corporate Federal Credit Union and VACORP announced Monday that they have completed their merger and opened as a combined institution.
The merger plan initially was announced in December 2010. At that time, VACORP's books were said to have “necessitated” the merger, according to Jay Murray, CEO of Middletown, Pa.-headquartered Mid-Atlantic.
Murray is continuing as CEO of the merged institution, which now claims more than 800 credit union members and over $163 million in capital.
The combined entity has total assets of $4.1 billion. Capital ratios are announced as follows: retained earnings ratio of 0.49%, leverage ratio of 5.40%, Tier 1 risk-weighted capital ratio of 19% and total risk-weighted capital ratio of 22%.
“We are excited to welcome VACORP credit unions to Mid-Atlantic Corporate,” Murray said in a statement. “The combined institution will give us the opportunity to grow the usage of our products and services, which will help keep costs down for all members.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
