Virginia-Based Credit Unions Receive Merger Approval

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.