The membership of Member One Federal Credit Union has approved a merger with Virginia Federal Credit Union making the transaction official as of August 1.

The deal was originally announced in January and results in an institution with nearly $7 billion of assets and roughly 500,000 members.

“’Better together.’ That’s been our theme and vision as we’ve worked together the last several months in pursuing approval for our merger,” said Virginia Credit Union President and CEO Chris Shockley, who will remain chief executive of the combined organization.

The merger creates the third largest credit union headquartered in Virginia behind only two behemoths – Navy Federal Credit Union and Pentagon Federal Credit Union.

Roanoke-based Member One will operate as a division of Virginia Credit Union, but otherwise little will change, the institutions said in a press release.

No employees of either company will lose their job due to the merger, and no branches will be closed. The company will operate 37 branches across Virginia.

North Chesterfield-based Virginia Credit Union is not new to mergers. The organization closed its transaction with Virginia Trailways Federal Credit Union last year.

The $1.6 billion-asset Member One FCU was chartered in 1940 and had more than 153,000 members.

“By joining together two thriving, financially healthy organizations and combining our resources, we’re ensuring we can step confidently into the future and that we’re best positioned to serve our members and help them achieve financial success,” Member One FCU’s President and CEO Frank Carter said.

The release did not indicate what role – if any – Carter would have with the combined organization.

The National Credit Union Administration approved 26 mergers during the first quarter of 2024, down from the 32 first-quarter consolidations last year.

The $5.3 billion-asset Virginia FCU earned roughly $10.5 million through the second quarter of 2024, a 33% decrease from a year earlier, according to call report data from the NCUA.

Members One earned $4.3 million through the second quarter, a 22% decrease compared to a year earlier.

“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.”

 – Chris Shockley
President & CEO
Virginia Federal Credit Union