mergers and aquisitions
On January 1, the 4.5 billion Apple Federal Credit Union and the $519 million NextMark Federal Credit Union, both based in Fairfax, Va., will officially merge.
Ninety-three percent of NextMark members voted in favor of the consolidation during a Dec. 3 special meeting, according to the credit unions’ joint statement.
Based on third quarter NCUA financial performance reports for both credit unions, the combined financial cooperative will manage $5 billion in assets and $3.3 billion in loans, with a workforce of 605 employees who will operate 25 branches and serve 268,000 members across Northern Virginia.
“We are not just merging institutions, we’re merging missions,” Apple President/CEO Andy Grimm said in a prepared statement. “Both credit unions share a proud history of prioritizing our members, employees and communities. We are excited about the new opportunities this creates for everyone we serve, and are thrilled to officially welcome the NextMark members and employees to the Apple team.”
Grimm will continue in his top leadership position when the legal consolidation is completed on January 1.
NextMark President/CEO Joseph Thomas will join Apple in a strategic advisory role as executive president.
"We are delighted our members recognized the tremendous advantages of merging with Apple,” Thomas said in a prepared statement. “This partnership not only enhances the benefits our members will enjoy – such as greater access and a wider range of products and services – but also paves the way for exciting new opportunities.”
The boards of directors for Apple and NextMark agreed to provide Thomas, four NextMark senior executives and the credit union’s board chair financial incentives to encourage them to stay with Apple to facilitate a smooth post-merger transition process.
Thomas is eligible to receive a maximum potential amount of $157,511.
Brian Shostek, CFO, is eligible to receive a maximum potential amount of $174,710.
William Cook, chief lending officer, is eligible to receive a maximum potential amount of $101,374.
Jennifer Fox, COO, is eligible to receive a maximum potential amount of $213,929.
Corlyss Cigler, chief human resources officer, is eligible to receive a maximum potential amount of $216,965.
NextMark Board Chair Bobbie Deegan is eligible to receive a maximum potential amount of $10,142.
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