From a press release issued by Langley Federal Credit Union
Langley Federal Credit Union and Virginia Beach Schools Federal Credit Union Jointly Announce their Intent to Merge
Virginia Beach Schools Federal Credit Union (VBSFCU) and Langley have agreed to a merger, subject to regulatory approvals and an VBSFCU membership vote. Combined, the organization would serve more than 300,000 members, with 22 branches and assets over $4.1 billion dollars.
This merger represents a partnership between two credit unions committed to providing their members with the highest value in financial services. The Board of Directors and leadership of both credit unions recognize they can serve members better together.
Brian Clark, President/CEO of Virginia Beach Schools Federal Credit Union states, “After careful consideration, the Board of Directors and I agree that merging with Langley will bring tremendous value to our members, provide more opportunities for employees, and allow us to have a greater impact on the school community and local communities we serve.” Clark goes onto say, “Our mission and values are closely aligned. Together we will continue to help improve our members’ financial lives while still honoring the history of our organization.”
Tom Ryan, President/CEO of Langley, adds, “This merger provides a much greater presence across Hampton Roads and will deliver enhanced convenience and other significant benefits for members and for the communities we serve.” Ryan adds, “After many months of discussions, what we’ve discovered as we’ve gotten to know one another is that our two organizations have great synergy, shared values, and a shared vision for the future.”
As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon VBSFCU member approval. Upon that approval, the entities will become one sometime in the fall of 2021.
As the merger process moves forward, both credit unions will provide information to their respective memberships via their websites (www.vbsfcu.org and www.langleyfcu.org) and other applicable communication channels.
Langley Federal Credit Union
Langley Federal Credit Union is a federally-chartered credit union, regulated and insured by the National Credit Union Administration. Langley Federal Credit Union serves more than 296,000 members and has nearly $4 billion in assets, ranking the financial cooperative as one of the 100 largest credit unions in the country. Langley is a full-service financial institution where everyone can save, borrow, and spend wisely. Located in Hampton Roads, Langley has 20 branches and more than 55,000 surcharge-free ATMs throughout the region. For more information, visit www.langleyfcu.org.
Virginia Beach Schools Federal Credit Union
Virginia Beach Schools Federal Credit Union was chartered in 1960. VBSFCU has reached over $115 million in assets, serving more than 7,000 members. Since its inception, VBSFCU has grown to be the premier credit union for all Virginia Beach City Public Schools, Accomack and Northampton County Schools, and Virginia Wesleyan University. In addition, they serve employees of the Virginia Beach Adult Learning Center, St. John the Apostle Catholic School, and the Art Institute of Virginia Beach.