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Financial regulators and members approved the merger between Langley Federal Credit Union and Virginia Beach Schools Federal this week, and it will result in a combined organization with more than $4.1 billion in assets and more than 310,000 members.
According to a statement released on Thursday, the legal merger date is scheduled in less than two weeks for Nov. 1. After that date, the two organizations will operate as one legal entity, but from the VBSFCU's member perspective, it will be "business as usual." Both credit unions will continue serving members at the individual branch locations and VBSFCU's systems will be fully integrated with Langley FCU by April 1, 2022.
Tom Ryan, CEO of Langley, will be the CEO of the combined organization and Brian Clark, CEO of VBSFCU, will hold a leadership role in the combined organization, according to a statement.
Ryan said, "At every turn during this partnership, we've continued to see similarities in our philosophies and our Vision. Both of our organizations are passionate about serving members."
He continued, "Langley Federal is honored that Virginia Beach Schools Federal Credit Union's board of directors and leadership team put their trust in us and chose us as a merger partner. Together, we're going to continue to do great things."
Clark said, "I want to thank our VBSFCU board members, members and team members alike for their active participation in the voting process and for their commitment and loyalty to help ensure our ongoing growth and success."
VBSFCU was chartered in 1960 in Virginia Beach City, Va., and has $114.3 million in assets and more than 7,000 members. Langley, headquartered in Newport News, Va., has $4 billion in assets and more than 300,000 members.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
