Virginia Credit Union in Richmond and Member One Federal Credit Union in Roanoke, Va., plan to merge.
The combination of the $5.1 billion-asset Virginia Credit Union and the $1.6 billion-asset Member One would create a financial institution with 37 branches and nearly 500,000 members. It would be Virginia’s third-largest credit union.
The merger is expected to close later this year.
“This partnership represents the heart of the credit union industry’s cooperative mindset,” Chris Shockley, Virginia Credit Union’s president and CEO, said in the release.
“Fundamentally, credit unions came into existence when people saw an opportunity to band together and pool their financial resources in order to provide access to financial products and services to people who needed them,” Shockley added.
Shockley would remain president and CEO. Frank Carter, Member One’s president and CEO, will remain with the credit union in an executive role until he retires.