The $1 billion Vermont Federal Credit Union in South Burlington and the $81.9 million Credit Union of Vermont in Rutland said they plan to merge by the fourth quarter of this year, pending regulatory and member approvals.
If Credit Union of Vermont members and regulators green-light the proposed consolidation, the combined financial cooperative’s 187 employees will manage assets of $1.1 billion and nearly $850 million in loans, and serve over 60,000 members.
Recommended For You
Chartered in 1958, Credit Union of Vermont’s nine employees manage a branch and more than $43 million in loans, and serve a membership of 3,425. The credit union is well capitalized with a net worth of 13.81% and posted an ROA of 1.66%, according to NCUA financial performance reports for the second quarter.
“Joining forces with Vermont Federal Credit Union represents an exciting opportunity to strengthen our mission and better serve our members,” Credit Union of Vermont President/CEO Bryan Kent said in a July 10 prepared statement. “This merger ensures that our members and employees benefit from enhanced resources, innovative solutions and a continued commitment to the values we’ve always held dear. Together, we are building something even better."
Vermont FCU’s 178 employees operate eight branches and more than $803 million in loans, and serve a membership of 57,213. The credit union is well capitalized with a net worth of 9.78% and an ROA of 0.76%, according to NCUA financial performance reports.
“By unifying our efforts, we can bring our creative, individual solutions to more Vermonters,” Vermont FCU President/CEO Jean Giard said in a prepared statement. “Whether it’s buying a home, a first car, or paying for a child’s education, we are committed to helping people find a financial path forward. We look forward to joining the Rutland community and welcoming Credit Union of Vermont’s members and employees to Vermont Federal.”
Peter Strozniak can be reached at [email protected].
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
