SEG facility closes, forcing small Virginia-based credit union to merge
Cadmus Credit Union in Richmond, Va., has agreed to merge into Chartway Federal Credit Union in Virginia Beach, Va.
The merger was announced after Cenveo Worldwide said it would close its Cadmus printing facility in Richmond because of business issues caused by the coronavirus pandemic, according to a press release on Wednesday. Cenveo had acquired Cadmus Communications in 2007.
The credit union’s only branch, which is located in that building, will also be required to close its doors on July 31.
Cadmus Credit Union was founded in 1951 by employees of William Byrd Press and now serves current and former workers of Cenveo, Cadmus and RockTenn, a paper manufacturer that merged into another entity in 2015, according to its website. Cadmus Communications had been created through the merger of William Byrd Press and Washburn Graphics.
It currently has 415 members, according to data from the National Credit Union Administration.
The merger will give members of the $1.3 million-asset Cadmus Credit Union access to a larger branch and ATM network and a full range of digital products, the press release said.
“At Chartway, we’re dedicated to supporting our team, members, and communities,” Brian Schools, president and CEO of the $2.2 billion-asset Chartway. “For that reason, we look forward to welcoming Cadmus Credit Union members following the planned merger.”
The transaction has already been approved by the National Credit Union Administration and the Virginia Bureau of Financial Institutions. The merger should be completed on July 31.
Cadmus Credit Union lost roughly $24,600 in the first quarter, compared with losing about $23,300 during the same period a year earlier, according to call report data from NCUA.