Apple Federal Credit Union and Vantria Federal Credit Union Announce Merger
FAIRFAX, VA – Apple Federal Credit Union (Apple) and Vantria Federal Credit Union (Vantria) announced today that they have received approval by the National Credit Union Administration to merge in early May 2013. Apple is headquartered in Fairfax, Va., with a branch network extending throughout northern Virginia. Vantria is also headquartered in Fairfax County with one branch (Springfield) serving the county.
Apple will absorb Vantria, including all of its employees and its branch, so there are no expected layoffs or branch closings related to this merger.
Vantria was established in 1950 and has $73 million in assets, and more than 7,700 members. Apple was established in 1956 and has $1.7 billion in assets, 21 branches and more than 148,000 members. Apple serves Fairfax, Frederick, Loudoun, Prince William and Stafford counties, and its mission is to serve the educational community.
“Apple will benefit from a larger member base and a slightly broader branch network, resulting in greater convenience for members of both credit unions,” says Larry Kelly, president and chief executive officer of Apple. “In addition, Vantria shares many of our core values including a strong membership focus and sense of community.”
“Vantria has been adversely affected by the decline in the real estate market, loan defaults and bankruptcies, as well as the increased burden of an evolving regulatory environment,” says Patricia Malatesta, chief executive officer of Vantria. “Our Board of Directors and management conducted an extensive search to find a prospering credit union with excellent growth potential and selected Apple FCU as the best possible partner.”
Vantria members will automatically assume Apple membership and immediate access to their full line of products and services.
Apple Federal Credit Union’s Mission: Through a lifelong partnership with anyone touched by education, Apple FCU helps members achieve their dreams by offering competitive financial solutions, with dedicated personal service. Apple exists, not for profit, but for the benefit of its members.
Vantria Federal Credit Union is a not-for-profit financial cooperative owned by the membership and operated for the benefit of its members and community. Our commitment is to help the membership reach its financial goals.