The board of directors for First Carolina Corporate Credit Union of Greensboro, N.C. and Mid-Atlantic Corporate Federal Credit Union in Middletown, Pa. have agreed to merge their organizations, the two corporates announced in a news release Monday.
If approved, the merged corporate will take on a new name and continue to operate its existing offices in Greensboro and Middletown, according to the release. Mid-Atlantic Corporate President/CEO Jay Murray would serve as CEO for the corporate, while First Carolina Corporate President/CEO David Brehmer would be named president, and a new board of directors would have equal representations from the two existing corporates.
The corporates' members are expected to vote on the merger in 2016, should it be approved by the NCUA and North Carolina regulators, the corporates said.
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"At the heart of our decision to combine corporates is a belief in the cooperative model, which involves working together for the common good," Michael Pastirik, chairman for Mid-Atlantic Corporate, said. "Given the intense competition from banks, non-banks and online services, we are convinced that combining forces will ensure a cost effective operation, as well as scaled economies from higher volumes and the opportunity to attract additional member credit unions."
First Carolina Corporate Chairman Bob Bruns said by sharing strengths and resources, the merged corporate can help credit unions remain competitive in a rapidly changing financial and technological environment.
"That's important because, going forward, credit unions need secure, innovative delivery systems and high quality, low-cost financial products to meet their members' growing demand for easy access, 24/7 service," Bruns said.
Murray added, "Mid-Atlantic Corporate and First Carolina Corporate have had an excellent working relationship for many years. We've collaborated on various projects, participated in regional conferences and helped each other promote the common good among member credit unions. The combining of our organizations leverages First Carolina Corporate's balance sheet strategy and Mid-Atlantic Corporate's payment and information technology solutions, creating a powerful force for financial service delivery and enabling us to offer an unparalleled menu of high-quality financial products and services to member credit unions."
Brehmer agreed with these sentiments, stating that by working together, the corporates see a bright future for their combined membership.
"It is rare to find two entities whose core values are so in sync, and whose organizational strengths and management complement each other so well," Brehmer said. "Both corporates are stable, have strong balance sheets and have successfully rebuilt capital. By merging from a position of strength, we'll be able to build on our shared resources, staff talent and expertise, and mutual belief that collaboration is the best recipe for helping credit unions succeed."
With $2.3 billion in assets, Mid-Atlantic Corporate serves CUSOs, leagues, chapters and more than 700 credit unions. First Carolina Corporate serves more than 200 credit unions in six states and has $1.4 billion in assets.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
