FAIRFAX, Va.--(BUSINESS WIRE)--Two longtime northern Virginia-based credit unions, Apple Federal Credit Union (Apple) and Synergy One Federal Credit Union (Synergy One) are pleased to announce approval by the National Credit Union Administration of a merger to take place in early November 2011.
Apple FCU will absorb all of Synergy One’s employees and branches so there will be no job layoffs or branch closings related to this merger.
Synergy One was established in 1970 and has $180 million in assets, two branches and more than 25,000 members. Synergy One’s branches are each located in Prince William County, Virginia. Apple was established in 1956 and has $1.35 billion in assets, 19 branches and more than 118,000 members. Apple serves Fairfax, Frederick, Loudoun, Prince William and Stafford counties, and its mission is to serve the educational community.
“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,” says Larry Kelly, president and chief executive officer of Apple. “In addition, with Synergy One’s branch locations in Prince William County, this merger will also improve our ability to serve one of our newest member groups--the faculty, staff and students of the Prince William County School system.”
“This merger is a win-win for our employees and our members,” says William White, president and chief executive officer of Synergy One. “Prince William County has been very hard hit by the recession and the ensuing mortgage defaults have affected our credit union, so this merger will help bring us stability. Synergy One members will become members of Apple and have full use of Apple’s significant branch network and access to a broader line of products and services. We share with Apple a passion for education and serving the community, so this merger brings together two very like-minded organizations.”
In 2010, according to RealtyTrac.com, one in every 436 households in Prince William County was in foreclosure, and US Department of Labor statistics show that the county had an unemployment rate of 5.4 percent. In comparison, in Fairfax County one in every 885 households was in foreclosure and the county’s unemployment rate was 4.6 percent.
“People are the heart and soul of Apple Federal Credit Union and we look forward to integrating the talented Synergy One work force into our organization,” says Andy Grimm, executive vice president and chief operating officer of Apple. “We are excited about taking the best elements from both credit unions and creating a larger, stronger organization that will further enhance our members’ experience.”
Apple Federal Credit Union’s Mission: Through a lifelong partnership with anyone touched by education, Apple FCU helps members achieve their dreams by offering competitive financial solutions, with dedicated personal service. Apple exists, not for profit, but for the benefit of its members.
Synergy One Federal Credit Union is a not-for-profit, federally chartered credit union open to anyone who lives, works, worships, or attends school in Prince William County, Manassas or Manassas Park.