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Officials with the Fairfax, Va.-based Apple Federal Credit Union and NextMark Credit Union unveiled their plans on Wednesday to merge the two organizations into a nearly $5 billion credit union. If approved, the merger could be completed by November of this year.
According to a joint statement, if the NCUA and members of NextMark ($532 million in assets, 16,672 members) approve of the merger, the combined credit union will do business as Apple ($4.4 billion in assets, 245,392 members) and expand its services throughout Northern Virginia with 25 branches.
Apple President/CEO Andy Grimm said, "We are thrilled to be welcoming NextMark into the Apple team. They are a financially sound credit union with a long history of exceptional service to our mutual community. The combination of both credit unions will provide scale and a powerful synergy that benefits the members of both institutions."
In a prepared statement, Joe Thomas, president/CEO of NextMark, added, "We are excited about the opportunity to merge with Apple. Our members will gain access to more than 20 new branch locations and an expanded products suite, including business banking, and wealth management and insurances services. We are strengthening our commitment and value to members, employees and the communities we serve."
Once approved by the NCUA, NextMark members will get a chance to vote if they want to move the merger forward. Also, if approved, Grimm will continue as Apple's president/CEO and Thomas will take on a strategic advisory role as executive president.
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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.
