Langley Federal Credit Union and Virginia Beach Schools Federal Credit Union announce merger

By Pavithra R

Virginia Beach Schools Federal Credit Union (VBSFCU) and Langley Federal Credit Union have announced entering into a merger agreement, subject to regulatory approvals and VBSFCU membership vote. Combined, the organization would serve more than 300,000 members, with 22 branches and assets over $4.1 bn dollars.

The merger represents a partnership between two credit unions committed to providing their members with the highest value in financial services.

“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. 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,” said Brian Clark, President/CEO of Virginia Beach Schools Federal Credit Union.

Virginia Beach Schools Federal Credit Union was chartered in 1960 has reached over $115 mn 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.

Langley Federal Credit Union is a federally-chartered credit union, regulated and insured by the National Credit Union Administration. Langley Federal CU serves more than 296,000 members and has nearly $4 bn in assets.

As member owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon VBSFCU member approval.

“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. 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,” said Tom Ryan, President/CEO of Langley