The National Credit Union Administration has given its blessing to a merger between Mid-Atlantic Corporate Federal Credit Union and First Carolina Corporate Credit Union.
The merger also has the approval of the North Carolina Office of the Commissioner of Banks.
When the credit unions complete their merger, the resulting institution will operate under a North Carolina charter.
The credit union will keep dual headquarters, however, one in Greensboro, N.C., the current headquarters of First Carolina, and one in Lower Swatara Township, Dauphin County, home to Mid-Atlantic.
The credit unions last week sent out ballots to their members to vote on the merger. Members have until Aug. 12 to vote.
The membership vote is the last step in the process, an d Mid-Atlantic spokeswoman Margaret J. Blankers said the merger should close by mid-August.
Members of corporate credit unions are other credit unions that serve individual and commercial customers. Corporate credit unions provide outsourced services that member credit unions either can’t afford or don’t want to operate themselves.
Combined, the new entity will have about 13,000 members and about $4.2 billion in assets. About $2.8 billion comes from Mid-Atlantic.
The two credit unions have not revealed a name for the combined entity.
