The $1 billion Volunteer Corporate Credit Union and the $153 million Kentucky Corporate Federal Credit Union announced Thursday their intent to merge, according to a release from the two corporates' boards.
The agreement calls for the Nashville, Tenn.-based VolCorp to be the surviving institution, maintaining its name and headquarters location. The Louisville, Ky.-based Kentucky Corporate will maintain operations and staff at its headquarters.
According to Kentucky Corporate Board Chairman Alan Butler, “VolCorp is financially strong, enjoys strong member support and is located close to Kentucky Corporate's current location. We believe this merger will provide our members with a broad range of services to help them provide value added services to their members.”
VolCorp President/CEO Rick Veach said combining the two corporate credit unions will produce greater benefits for all VolCorp members.
“Moving forward, this merger will allow us to broaden our product offering and provide us the ability to continue paying a premium dividend on the capital investment in VolCorp,” he said.
The merger must still obtain regulatory and member approval.
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