PortAlliance Federal Credit Union in Norfolk, Va., has completed its merger into Chartway Federal Credit Union in Virginia Beach, Va.
The combined institution has about $2.2 billion in assets and serves over 190,000 members throughout Virginia with 19 branches peppered across the Hampton Roads area and 41 branches nationwide.
Full system integration will happen in May, Chartway said on Wednesday. Members can stay updated about the transition through the $2.1 billion-asset Chartway’s website.
The merger, which was completed on Monday, was announced in October, making it the second Virginia merger announced that month. It had already received National Credit Union Administration approval when it was announced.
“As a member-focused financial institution, we’re dedicated to making life more affordable for our members,” Brian Schools, president and CEO of Chartway Federal Credit Union, said in a press release. “That’s why – with the merger now complete – we’re excited to welcome our newest members and focus on being able to offer them expanded products and services, competitive rates, a larger branch network, and greater account access through our 24/7 member solutions center and our online, mobile and telephone banking services.”
Chartway earned $7.9 million through September, a roughly 36 percent increase year-over-year.
The $90 million-asset PortAlliance posted a net loss of $1.4 million through September, according to its most recent call report. For the same period in 2017, it earned $205,532.
