The memberships of Mid-Atlantic Corporate FCU, Middletown, Pa., and First Carolina Corporate CU, Greensboro, N.C., approved the merger of the two corporates.
Ballots were mailed to members after NCUA approved the merger July 21.
“This merger presents so many possibilities not just for our member credit unions, but for the future of the credit union movement,” said Jay Murray, Mid-Atlantic Corporate president/CEO. “By living out our dedication to cooperation, we’re proving that the credit union movement is strong and one that will survive because we work together.”
Said First Carolina Corporate president/CEO David Brehmer: “With the combination of our organizations, credit unions will have access to more products and services at the same or even higher level of service at competitive pricing. As a combined corporate, we’ll have the ability to give credit unions more for less, without having to sacrifice what they currently receive.”
The newly combined corporate, which will have a new names, will serve more than 1,200 credit unions, leagues and credit union service organizations (CUSOs) in 46 states and Canada.
The tentative merger date is expected to be Oct. 1.
First Carolina Corporate’s North Carolina state charter will be the continuing charter, which will make the Greensboro, N.C., office the corporate’s headquarters. Mid-Atlantic Corporate’s location in Middletown, Pa., will remain open.
Murray will serve as CEO of the combined entity, and Brehmer will serve as president.
In other corporate news, Alloya Corporate FCU, Naperville, Ill., and Catalyst Corporate FCU, Plano, Texas, have formed a strategic partnership, which includes a CUSO called TranzCapture LLC.
TranzCapture will integrate branch, ATM, mobile and merchant capture applications through a single administrative module and web delivery interface. All check deposits, regardless of source, will be accessed by credit union staff through a single sign-on process and a single administrative dashboard.
Alloya will transfer all of its existing check images and convert share draft and deposit processing to a common platform hosted by Catalyst.
“As technology and consumer payments evolve, the number of checks written continues to decline–down 70% over the past 15 years. The check-processing business is moving into a mature phase of its life cycle, which means that service providers are usually forced to raise fees, cut investment, and may even fail in some cases,” said Todd Adams, Alloya Corporate CEO. “The Alloya/Catalyst partnership is strategic to the credit union system as a whole as it ensures credit unions will have access to a cooperatively controlled check processing solution that is focused 100% on credit union needs.
“Credit unions will be very well positioned to continue offering checking services to their members for the long-term,” he said.
TranzCapture was created to fill an emerging need–to provide efficient remote deposit services to credit unions on a next generation platform,” said Kathy Garner, president/CEO, Catalyst Corporate.