Merger of Member One, Virginia Credit Union approved

Roanoke-based Member One Federal Credit Union members have approved a merger with Virginia Credit Union, effective as of Thursday.

The vote, held Tuesday, was 3,479 in favor and 1,404 against.

No jobs will be cut and no branches will be closed as a result of the merger, according to a Thursday news release.

The combined $7 billion organization employs 1,100 people and has 37 branches serving nearly 500,000 members. Member One previously had more than 152,000 members and 15 branches in the Roanoke, Blacksburg and Lynchburg regions. Virginia Credit Union had more than 329,000 members and 22 branches, mostly in the Richmond area.

“By joining together two thriving, financially healthy organizations and combining our resources, we’re ensuring we can step confidently into the future and that we’re best positioned to serve our members and help them achieve financial success,” Member One Federal Credit Union President and CEO Frank Carter said in the news release.

While the merger legally took effect on Thursday, combining the two credit unions’ systems will take some time. Officials say they have a “goal of having our core systems fully integrated sometime in 2026.”

“As the organization works toward full integration of its systems and service platforms, Member One will operate as a division of Virginia Credit Union, meaning legacy Member One members will continue to bank as they normally do, accessing services and loan opportunities through existing digital platforms, ATM networks and branch locations,” Member One said on its website.

The credit unions previously said the merger would create the third-largest credit union in Virginia and one of the 50 largest in the U.S.

Chris Shockley, president and CEO of Virginia Credit Union, will become president and CEO of the new combined entity, while Carter will remain as an executive until he retires.

Member One Federal Credit Union’s history goes back to 1940, when it was chartered as Norfolk & Western Credit Union for employees of the Norfolk & Western Railway, which later merged with Southern Railway to become Norfolk Southern. In 1981, the credit union moved its headquarters to downtown Roanoke. In 1996, it changed its name to Member One.

Virginia Credit Union was chartered as State Employees’ Credit Union Inc. in 1928.

The post Merger of Member One, Virginia Credit Union approved appeared first on Cardinal News .