Richmond, Va., credit unions prep for merger
Two credit unions based in Richmond, Va., are set to join forces next month.
Beginning Feb. 3, $16 million-asset RiverTrace CU will become a part of $398 million-asset Call Federal Credit Union.
The National Credit Union Administration approved the deal last year after RiverTrace members voted to approve the plan.
Once completed, the deal will expand Call Federal’s branch footprint to a total of seven locations while adding additional products and services previously unavailable to RiverTrace members, including mobile banking, new loan products and enhanced card-control options.
No employee positions were eliminated as a result of the merger.
“I look forward to our combined organization delivering on our shared purpose, helping members improve their financial health,” Call FCU President and CEO John West said in a press release.
He added, “By merging and expanding our cooperative, not only can we better manage changing regulations and growing technology costs, but we also are better able serve our members while still meeting our original cooperative principles.”
RiverTrace’s interim CEO, Laurie Waldel, will transition to lead the accounting team at Call Federal.
Call report data shows a loss of just over $300,000 at RiverTrace CU in 2019, compared to net income of more than $67,000 in 2018. For its part, Call Federal earned $1.64 million in net income last year, up from $1.48 in 2018.