Northern Virginia credit unions to combine
Two Fairfax County-based financial institutions, Apple Federal Credit Union and Vantria Federal Credit Union plan to merge in May.
Apple will absorb Vantria, including all of its employees. Apple officials expect no layoffs or branch closings related to the merger. Vantria members automatically will become Apple members and have access to its products and services.
The merger has been approved by the National Credit Union Administration.
In a news release, Patricia Malatesta, Vantria’s CEO, said the credit union had been hurt by the recent real estate market decline, loan defaults and bankruptcies as well as the increased burden of a changing regulatory environment.
“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,” she said in a statement.
Vantria, founded in 1950, has $73 million in assets, and more than 7,700 members. It has one branch in Springfield.
Apple was established in 1956. It has assets of $1.7 billion, 21 branches and more than 148,000 members.
“Apple will benefit from a larger member base and a slightly broader branch network, resulting in greater convenience for members of both credit unions,” Larry Kelly, Apple’s president and CEO, said in a statement. He added that the credit unions share many core values including a strong membership focus and sense of community.
Apple serves Fairfax, Frederick, Loudoun, Prince William and Stafford counties.