Apple FCU & NextMark Announce Merger Plans
If approved, the combined credit union will have assets of more than $4.8 billion.
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.