Langley Federal Credit Union to merge with Va. Beach Schools Credit Union
Nov. 1 merger to create $4.1B institution
Newport News-based Langley Federal Credit Union and the Virginia Beach Schools Federal Credit Union have received regulatory approval for a Nov. 1 merger that will create a $4.1 billion institution, the credit unions announced Thursday.
Langley CEO Tom Ryan will serve as CEO of the combined entity, which is expected to be fully integrated by April 1. Brian Clark, CEO of Virginia Beach Schools Federal Credit Union, will hold an as-yet-unannounced leadership role following the merger.
Combined, the organization will have 310,000 members and 21 branches. Langley is one of the 100 largest credit unions in the nation, with approximately $4 billion in assets and 300,000 members, as well as 20 branches and more than 600 employees. It’s also the state’s fifth-largest credit union.
Virginia Beach Schools Federal Credit Union, chartered in 1960, has more than $115 million in assets and 7,000 members affiliated with the school systems of Virginia Beach and Accomack and Northampton counties, as well as employees of the Virginia Beach Adult Learning Center, St. John the Apostle Catholic School and the Art Institute of Virginia Beach.
“At every turn during this partnership, we’ve continued to see similarities in our philosophies and our vision,” Ryan said in a statement. “Both of our organizations are passionate about serving members. Langley Federal is honored that Virginia Beach Schools Federal Credit Union’s board of directors and leadership team put their trust in us and chose us as a merger partner. Together, we’re going to continue to do great things.”