Langley Federal Credit Union in Newport News, Virginia, and Virginia Beach Schools Federal Credit Union have agreed to merge.
The deal is expected to close in the fall, subject to approval by Virginia Beach Schools FCU members, the two institutions said in a Thursday press release.
The combined organization would serve more than 300,000 members with 22 branches and would hold more than $ 4.1 billion of assets.
“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.” said Tom Ryan, president and CEO of the $ 3.9 billion-asset Langley FCU, in the press release.
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Langley FCU earned more than $ 8.6 million in the first quarter, after earning $ 244,000 a year earlier, according to call report data from the National Credit Union Administration.
Virginia Beach Schools FCU earned $ 118,000 in the first quarter, compared to $ 45,000 in the year-ago quarter.
“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,” Virginia Beach Schools FCU president and CEO Brian Clark said in the press release .