The new name of the corporate credit union being formed between Dauphin County-based Mid-Atlantic Corporate Federal Credit Union and North Carolina-based First Carolina Corporate Credit Union has been revealed.
Vizo Financial Corporate Credit Union will take effect with the planned Oct. 1 merger of the two organizations. The new entity will be based in Greensboro, N.C., home of First Carolina.
The name means “vision,” as in a vision where credit unions “thrive in the present and expand in the future,” according to a joint news release.
“We chose the name because we feel it evokes the futuristic sense that accompanies our vision, while still maintaining the integrity that credit unions are so proud of,” said Jay Murray, president and CEO of Mid-Atlantic.
Murray will be CEO of the new entity, while David Brehmer, CEO of the First Carolina, will serve as president. The Lower Swatara Township headquarters of Mid-Atlantic will remain open after the merger, and no jobs will be moving, officials said.
Corporate credit unions provided 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 and Canada.
Mid-Atlantic had about $2.4 billion in assets at the end of the second quarter, while First Carolina had about $1.4 billion in assets.