Virginia Beach, VA (October 10, 2018) – Chartway Federal Credit Union (Chartway) is pleased to announce that the National Credit Union Administration has given its approval for PortAlliance Federal Credit Union to merge into Chartway. The proposed merger will now go before the PortAlliance membership for a vote to accept the merger proposal, as agreed on by both credit unions. Combined as Chartway Federal Credit Union, the two Hampton Roads-based organizations would have assets of nearly $2.2B, a membership base of more than 190,000, and a total of 19 branch locations in Hampton Roads and 41 branches nationwide.
“PortAlliance has always been committed to meeting the lending and saving needs of our members by offering convenient and affordable financial products and services,” said PortAlliance’s Interim President & CEO, Robin Engelhart. “That’s why, following thorough research and consideration, we determined that the opportunity to join Chartway – a credit union that shares our values, our culture, and a mutual commitment to our members, employees, and local communities – would bring great value to our membership. They are a natural cultural, financial, and strategic partner.”
PortAlliance members would benefit from Chartway’s expansive branch and ATM network, access to a large selection of affordable products and services, highly competitive rates, a 24/7 Member Solutions Center, and a full slate of online, mobile, and telephone banking services, including mobile deposit, mobile bill pay, and digital wallets. Members would also continue to be greeted by the same friendly and experienced team members.
“At Chartway, we’re dedicated to making life more affordable for our members, serving our communities, and making ongoing investments that strengthen the member experience,” said Chartway’s President & CEO, Brian Schools. “We would welcome the opportunity to allow our collective membership to benefit from expanded account access, a larger branch and ATM footprint, and more convenient and competitive products and rates.”
Members of PortAlliance who are 18 years of age or older have the opportunity to vote for the merger. They can mail-in the ballot they received or bring it to the Special Member Meeting that will take place at 6 PM on November 5, 2018, at 5670 Raby Road, Norfolk, VA, 23502. In the meantime, PortAlliance members are welcome to stop by any PortAlliance branch or to call (877) 319-4838 with any questions.