The memberships of Mid-Atlantic Corporate Federal Credit Union and First Carolina Corporate Credit Union approved the merger of the two organizations, according to a joint statement released Wednesday.
The ballots from both corporates were collected and tallied by the American Arbitration Association.
Although both organizations said the vote showed members to be overwhelmingly in favor of the merger, a specific vote count in favor and against was not provided.
The NCUA approved the merger last month.
The combined corporate will have a new name and serve more than 1,200 credit unions, leagues and CUSOs in 46 states and Canada.
Because this is a merger of equals, the new board of directors will have a total of 12 members with six directors coming from each of the corporates’ current boards.
In addition, the executive leadership position will be shared by Jay Murray, the president/CEO of Mid-Atlantic Corporate who will serve as CEO of the combined entity and David Brehmer, president/CEO of First Carolina Corporate, who will serve as president.
The tentative merger date is set for Oct. 1.
First Carolina Corporate’s North Carolina state charter will be the continuing charter, which will make the Greensboro, N.C., office the corporate’s headquarters. Mid-Atlantic Corporate’s location in Middletown, Pa., will remain open as well.
“This merger presents so many possibilities not just for our member credit unions, but for the future of the credit union movement,” Murray said in a prepared statement. “By living out our dedication to cooperation, we’re proving that the credit union movement is strong and one that will survive because we work together.”
Brehmer noted the new corporate would enjoy increased economies of scale.
“With the combination of our organizations, credit unions will have access to more products and services at the same or even higher level of service at competitive pricing,” he said. “As a combined corporate, we’ll have the ability to give credit unions more for less, without having to sacrifice what they currently receive.”
