Mid-Atlantic Corporate and VACORP Complete Merger
For More Information Contact:
Margaret J. Blankers, MJB Public Relations Group
(866) 714-7041 • email@example.com
Middletown, Pa. (Feb. 6, 2012) – Mid-Atlantic Corporate Federal Credit Union and VACORP Federal Credit Union completed their merger and opened as a combined institution on Monday, Feb. 6, 2012.
The merger has created one of the strongest corporates in the country with more than 800 credit union members and over $163 million in capital.
“This merger exemplifies the power of credit unions working together for a common good and demonstrates the value of the cooperative corporate model that credit unions built,” said Jay Murray, President/CEO of Mid-Atlantic Corporate.
The combined entity has total assets of $4.1 billion. Capital ratios are as follows: retained earnings ratio of 0.49 percent, leverage ratio of 5.40 percent, Tier 1 risk-weighted capital ratio of 19.00 percent, and total risk-weighted capital ratio of 22.00 percent.
“We are excited to welcome VACORP credit unions to Mid-Atlantic Corporate,” said Murray. “The combined institution will give us the opportunity to grow the usage of our products and services, which will help keep costs down for all members.”
Mid-Atlantic Corporate is the continuing charter and is maintaining its current location at 1201 Fulling Mill Road, Middletown, Pa. 17057.
For more information on Mid-Atlantic Corporate, visit www.midatlanticcorp.org.
About Mid-Atlantic Corporate
Mid-Atlantic Corporate Federal Credit Union and its members have been well-served by a conservative financial management approach. It is a federally chartered corporate credit union that provides quality investment, lending and payment services to a national field of membership. Mid-Atlantic Corporate serves more than 800 credit unions, CUSOs, leagues and chapters. Services include ALM, ACH, share draft processing, electronic bill payment, remote image capture and more. For more information, visit www.midatlanticcorp.org.