Sperry Marine Federal Credit Union to merge with Virginia Credit Union
CHARLOTTESVILLE, VA (February 12, 2015) — Sperry Marine Federal Credit Union in Charlottesville is pleased to announce a plan to merge with Virginia Credit Union based in Richmond.
The boards of directors of both credit unions have approved the merger.
The merger is expected to become effective on May 31, 2015, pending regulatory approval and a vote by Sperry Marine Federal Credit Union members.
When the merger is complete, Sperry Marine Federal Credit Union’s approximately 2,000 members will become members of Virginia Credit Union.
“Our Board of Directors determined that a merger would be in the best interest of our credit union and its members,” said Joe Nasevich, Chairman of the Board of Directors for Sperry Marine Federal Credit Union.
“We sought a merger with Virginia Credit Union because of its wide range of products and services, as well as its mission and vision, which align well with our credit union. In addition, Virginia Credit Union has the resources to invest in facilities and services for our members.”
With approximately $2.7 billion in assets, Virginia Credit Union is the largest state-chartered credit union in Virginia and already serves members in the greater Charlottesville area. Virginia Credit Union has 16 branches in Richmond, Fredericksburg and Farmville and offers a variety of online and electronic services to serve members wherever they are.
“We will be pleased to welcome the Sperry Marine Federal Credit Union members to Virginia Credit Union,” said Jane Watkins, President/CEO of Virginia Credit Union. “We will maintain the full-service Seminole Court Office and bring a wider variety of services to all members in the greater Charlottesville area.”
Sperry Marine FCU serves employees of the Charlottesville site of Northrop Grumman Corporation and a number of other companies in the area. Employees, retirees, and family members of all those groups will be eligible to join Virginia Credit Union.
Included in the variety of individuals already served by Virginia Credit Union in the Charlottesville area are state and local government and public school employees, employees of approved companies, and employees and students of state-funded colleges and universities.
Sperry Marine Federal Credit Union and Virginia Credit Union are member-owned financial cooperatives. Both are federally insured by the National Credit Union Administration (NCUA) and are equal housing lenders.
About Sperry Marine Federal Credit Union
Sperry Marine Federal Credit Union, with approximately 2,000 members and $18 million in assets, was chartered in 1957 to serve the employees of the Sperry-Piedmont Company, a division of Sperry-Rand Corporation. Sperry Marine FCU now serves employees and family members of the Charlottesville site of Northrop Grumman (formerly Sperry Marine) and other approved groups. Its main office is located at 120 Seminole Court, Charlottesville, VA. For more information, visit www.sperrymarinefcu.com.
About Virginia Credit Union
Virginia Credit Union, founded in 1928, is the largest state-chartered credit union in Virginia with approximately 237,000 members and $2.7 billion in assets. Virginia Credit Union provides a variety of affordable banking services, loans, mortgages, and free financial education resources. It serves members through 16 branch locations, a full-service call center, ATMs, and electronic servicesincluding online and mobile banking with mobile deposits. For more information, visit vacu.org.
