Virginia Credit Unions Plan 2023 Merger
If approved, Arlington Community FCU CEO Karen Rosales will lead the combined CU and InFirst FCU CEO Martha Wye will retire.
A proposed merger of two Virginia credit unions will create a combined financial cooperative with projected assets of $700 million, 140 employees, 12 branches and more than 38,000 members.
The $237 million InFirst Federal Credit Union in Alexandria, Va., announced that it will seek regulatory and membership approvals to consolidate with the $420 million Arlington Community Federal Credit Union in Arlington, Va.
Post-merger plans called for Arlington Community President/CEO Karen Rosales to continue to lead the combined organization. Martha (Marty) Wye, president/CEO of InFirst, will be retiring by year’s end, according to a prepared statement. In addition, two members of InFirst’s board of directors will continue to serve on the combined Arlington Community board, expanding the number of board seats from seven to nine.
As part of the merger process, Arlington Community said it will determine and announce a name for the combined organization before the merger is completed.
In addition to keeping all of the branches open, Arlington Community said its long-term plan is to expand its branch operations in many communities.
“We are excited to combine our resources with a credit union that mirrors our long history of helping people achieve their financial goals,” Wye said in a prepared statement. “Our proud legacy of serving retired and active federal workers, as well as first responders, aligns beautifully with Arlington’s longtime partnership with Arlington County employees and public safety departments.”
InFirst was chartered in 1935.
InFirst’s members are expected to vote during the fourth quarter on whether to approve the consolidation. If members and the NCUA give the green light on the proposed merger, it is expected to be completed by Jan. 1, 2023.
“We are looking forward to welcoming InFirst’s members and staff. Our organizations have long shared a passion for financial empowerment, member-centric service and community support,” Rosales said in a prepared statement. “If the merger proceeds, our collective members, employees and communities will benefit from the strength and synergy of our combined workforces, enhanced products and services, economies of scale and new technologies.”