NASHVILLE, Tenn. and LOUISVILLE, Ky. — The Tennessee Department of Financial Institutions gave the nod to the proposed merger of Kentucky Corporate Credit Union and Volunteer Corporate Credit Union, the final step toward completing the union, VolCorp reported.
Prior to the state regulator's approval, Kentucky Corporate's members had voted 39-0 in favor of the merger. Though VolCorp is the continuing entity, the corporate will maintain an office in the former Kentucky Corp's existing office in Louisville, Ky., "for the foreseeable future."
"We are very excited to welcome Kentucky credit unions into our VolCorp family of credit unions," said President/CEO Rick Veach in a statement. "The addition of Kentucky members will allow VolCorp to continue to be very competitive on pricing, yet remain small enough to provide a high level of service to each of our members."
With the addition of Kentucky Corporate, VolCorp will have assets of approximately $1.4 billion with more than 400 members.