Northern Virginia credit unions to merge
- August 15, 2011
Two Northern Virginia credit unions, Apple Federal Credit Union and Synergy One Federal Credit Union, have received regulatory approval to merge.
When the merger takes place in November, Apple will absorb all of Synergy One’s employees and branches. The company said in a release that there will be no job layoffs or branch closings.
Synergy One, begun in 1970, has $180 million in assets, two branches in Prince William County and more than 25,000 members.
Apple, started in 1956, has $1.35 billion in assets, 19 branches and more than 118,000 members in Fairfax, Frederick, Loudoun, Prince William and Stafford counties.
“Apple will benefit from greater economies of scale through this merger, which should result in better loan and savings rates for members of both credit unions,” Larry Kelly, Apple’s president and CEO, said in a statement.