NEWPORT NEWS, Va. – Bayport CU, formerly Newport News Shipbuilding Employees’ CU, has agreed to acquire Virginia Beach-based Members Trust CU, a one-time $51-million credit union that has reported losses six years in a row, including a $1.1 million loss for 2011.
Virginia Beach is one of the most competitive credit union markets in the country, with giants such as Navy FCU and Chartway FCU, among others, also competing for business there.
The deal will give $1.3-billion Bayport CU two additional branches, in Virginia Beach and Hampton. Members Trust serves residents of seven surrounding Virginia cities: Hampton, Newport News, Suffolk, Norfolk, Virginia Beach, Portsmouth and Chesapeake.
The deal is awaiting regulatory and membership approval.