A merger involving a local corporate credit union has the regulatory approvals needed to go forward, with the combination expected to wrap up by Oct. 1.
Mid-Atlantic Corporate Federal Credit Union in Dauphin County and its merger partner, First Carolina Corporate Credit Union, have not announced a new name for the combined entity. But leaders said the new entity will be based in the Greensboro, N.C. headquarters of First Carolina.
A spokeswoman for Mid-Atlantic said a new name has been filed with the U.S. Patent and Trademark Office, but it won’t be released to the public until it is approved.
Jay Murray, CEO of Mid-Atlantic Corporate CEO, will be CEO of the new entity and First Carolina Corporate’s CEO, David Brehmer, will be the president.
The Lower Swatara Township headquarters of Mid-Atlantic Corporate will remain open after the merger. No jobs will be moving despite the dual offices.
The National Credit Union Administration approved the merger in July.
Corporate credit unions provide outsourced services to retail-facing credit unions.
Combined, the new entity will have a membership of 1,200 credit unions, leagues and credit union service organizations in 46 states clients.
The merger is considered a merger of equals, and the new board of directors will have 12 members — six directors from each organization’s current board.
Mid-Atlantic Corporate had about $2.4 billion in assets at the end of the second quarter, and First Carolina Corporate had assets of about $1.4 billion.
