Virginia Credit Union-Member One merger approved

Virginia Credit Union’s merger with Roanoke-based Member One Federal Credit Union was finalized Thursday, following a vote by Member One’s customers to approve the deal announced in January.

Effective Thursday, Member One becomes a division of VACU “as the organization works toward full integration of its systems and service platforms,” according to a news release from VACU. The combined institution has $7 billion in assets, 1,100 staff members and approximately 500,000 members with 37 branch locations, according to the announcement. It’s expected to be the third largest credit union based in Virginia and one of the top 50 largest credit unions in the nation.  

None of the employees of either credit union will lose their job in the merger, and no branches will be closed, the statement said. Member One members will continue to use existing platforms, ATM networks and branch locations for the time being, and full systems integration is expected to conclude in 2026.

Chris Shockley remains VACU’s president and CEO after the merger, and Frank Carter, the president and CEO of Member One, will be senior executive business advisor of the combined credit union until he retires. The credit union does not have a firm date for Carter’s retirement, according to Lewis Wood, a spokesperson for Virginia Credit Union.

“’Better together.’ That’s been our theme and vision as we’ve worked together the last several months in pursuing approval for our merger,”  Shockley said in a statement. “Now, we’re excited to move forward together, with our combined resources and talent empowering us to fulfill our mission to serve members, deliver best-in-class products and services, and support the communities we call home.”