Richmond, Va. (Source: Shutterstock)
Two small credit unions in Richmond, Va., said they plan to merge next month.
Call Federal Credit Union ($398.3 million in assets, 30,198 members as of Dec. 31) will acquire RiverTrace Federal Credit Union ($16 million in assets, 1,384 members) on Feb. 3.
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The NCUA approved the deal in 2019, and RiverTrace members voted in favor of it Oct. 30. RiverTrace's sole branch on Staples Mill Road in Richmond will become a seventh Call Federal branch.
"I look forward to our combined organization delivering on our shared purpose, helping members improve their financial health," Call Federal President/CEO John West said.
"By merging and expanding our cooperative, not only can we better manage changing regulations and growing technology costs, but we also are better able serve our members while still meeting our original cooperative principles. For all of us, that's a huge win — for our legacies, for our present, and for our future."
Both credit unions lost members last year. Membership fell 0.7% at Call Federal and 52.5% at RiverTrace. Assets rose 2.5% at Call, and fell 18% at RiverTrace.
Call Federal earned $1.6 million in the 12 months ending Dec. 31, up 10.9%. ROA was 0.42% for 2019, up/down.
RiverTrace lost $300,082 in 2019, compared with a net gain of $67,346 in 2018. ROA was -1.68% in 2019, compared with 0.31% in 2018.
RiverTrace was founded in 1956 as RF&P Federal Credit Union for employees of the former Richmond, Fredericksburg and Potomac Railroad, a company later acquired by CSX. In 2013 the NCUA granted the credit union a community charter to serve the city of Richmond and the surrounding counties of Henrico, Hanover and Chesterfield. Afterwards, it changed its name to RiverTrace.
Call Federal was founded in Richmond in 1962 to serve local Phillip Morris workers, and later acquired a credit union serving Phillip Morris workers in Kentucky. It also has a community charter to serve the metro Richmond area.
Another pending Richmond merger that was expected to be completed in January is now expected in March.
Virginia Credit Union of North Chesterfield, Va. ($3.7 billion in assets, 292,857 members) plans to acquire Chesterfield Federal Credit Union ($92 million in assets, 11,170 members) if approved by Chesterfield members in a meeting rescheduled for March 16.
Last June, ValleyStar Credit Union of Martinsville, Va. ($502 million in assets, 54,031 members) completed the acquisition of Entrust Financial Credit Union of Richmond ($77.4 million in assets, 9,865 members).
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
