Martinsville, Virginia (September 2018) – ValleyStar Credit Union and Entrust Financial Credit Union have entered into an agreement to merge the two Virginia-based credit unions, subject to membership vote and regulatory approvals. Once combined under the ValleyStar name, the Credit Union will have an estimated $500 million in assets and 55,000 members.
The two credit unions would like to thank the elected officials who passed the job creation legislation in 2016 which allowed credit unions to grow through out-of-market mergers, including: Chief Patron Honorable Senator William M. Stanley, Jr.; and Honorable Governor Ralph Northam, who cast the tiebreaking vote in the Commonwealth of Virginia State Senate Chamber in February 2016 as Lieutenant Governor.
“The potential for this merger is monumental,” remarked Delbert Lee Morgan, President/CEO of ValleyStar Credit Union. “Both organizations have the same servant heart to members and community. Building a stronger organization will allow our combined Credit Union to offer superior products and services while continuing to expand membership and jobs to Virginians.”
Lisa Lambrecht, President/CEO of Entrust Financial Credit Union, mirrored Mr. Morgan’s comments. “This merger with ValleyStar Credit Union is an amazing opportunity for two servant-hearted credit unions to combine talents to enhance their positive impact on the community and the lives of their members for years to come. We remain steadfast in our commitment to the higher purpose of our members and the community.”
The legal merger date and member data conversion are anticipated to occur on June 30, 2019.