Virginia Federal, Member One Federal credit unions merge

Member One Federal Credit Union and Virginia Federal Credit Union officially merged Aug. 1, creating a $7 billion holding company with more than 1,100 employees and 37 branch locations.

The combined organization will serve almost 500,000 members in a variety of channels, including digital banking, ATM networks, and branch locations.

“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,” said Member One President/CEO Frank Carter. “We’re grateful for the tremendous support this merger garnered from members and staff.”

The merger will operate as a division of Virginia Credit Union, and all Member One and Virginia Credit Union employees will continue to work at their existing positions. No Member One or Virginia Credit Union branches will be closed as a result of the merger.

“[W]e’re excited to move forward together, with our combined resources and talent empowering us to fulfill our mission to serve members, deliver best-in-class products and services, and support the communities we call home,” Virginia Credit Union President/CEO Chris Shockley said.