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VolCorp Reports $2.1 Million Profit Despite Merger Expenses

Taking in West Virginia Corporate in 2012 helped reduce net income $500,000 from 2011.

By Heather Anderson | Updated on February 01, 2013

The $1.18 billion Volunteer Corporate Credit Union on Friday released unaudited year-end financial results that show a net profit despite a merger with West Virginia Corporate CU that produced the usual non-recurring charges.

VolCorp said in a release that the merger, finalized Feb. 1, 2012, was the most significant contributor to a decrease in net income compared to 2011’s financials: $2.1 million in 2012 compared to $2.6 million the prior year. Additionally, ROA was just 0.15% in 2012, compared to 0.22% in 2011.

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