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Virginia Beach Schools Federal Credit Union
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What Does This Merger Mean For VBSFCU Members?
 

On Tuesday, October 19, Virginia Beach Schools Federal Credit Union Members voted in favor of merging with Langley Federal Credit Union. After months of hard work, we’re excited to embark on the next phase of this journey – combining our organization with Langley Federal.

What happens next? As we work to fully integrate with Langley, our combined team will continue to work hard to keep Members informed about what is happening in order to ensure as little Member disruption as possible.

If you have any questions that haven’t been addressed in the below frequently asked questions, contact us by phone at 757.463.3650.

The collaborative merger between VBSFCU and Langley FCU will provide opportunities to implement best practices from both organizations to achieve more positive member impact and value such as:

More products and services:
Enhanced digital banking products:
More branch locations:
Same knowledgeable, friendly employees:
More responsive to evolving financial needs:

WOULD VIRGINIA BEACH SCHOOLS COMMITMENT TO EDUCATION CHANGE?

VBSFCU and Langley have many shared values include supporting education and making a positive impact on their communities. The Board of Directors and leadership teams of both organizations are dedicated to ensuring this history and heritage continues forward in the combined organization.


WOULD MY ACCOUNTS BE AFFECTED?

There is no immediate effect on your accounts. At this time, there is nothing you need to do. Eventually, we would convert to Langley’s operating systems to enhance our capabilities and deliver a more robust product and service line to members. Rest assured as that time approaches, the credit union will work to ensure seamless integration.


WOULD MY RATES CHANGE?

The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions. With that said, one of the many benefits of merging with Langley is the ability to provide more competitive rates.


WOULD MY ACCOUNTS CONTINUE TO BE INSURED?

Yes. Credit Union deposits would continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs) and trust accounts.


WOULD YOU CLOSE BRANCHES?

No. There are no plans for any branch closures. In fact. this merger would provide the opportunity to expand our branch locations and enhance our digital member experience.


WOULD I CONTINUE TO GET THE SAME SERVICE AND ATTENTION?

Yes. Both organizations are committed to providing high levels of service for members and this will continue to be a focus for the combined organization.


WOULD ANY EMPLOYEES LOSE THEIR JOBS?

Both organizations are committed to retaining talented and dedicated employees. The desire is to retain existing staff that want to remain with the organization, and there will be a concerted commitment and effort to do just that.


WHAT WOULD OUR NAME BE?

Once legally combined, Langley Federal Credit Union would be the name of the combined credit union. The existing branches of VBSFCU would be designated as a “Virginia Beach Schools Branch,” or another similar designation through the completion of the core system conversion at which time branches will change to Langley Federal Credit Union.


WHERE WOULD THE COMBINED CREDIT UNION’S CORPORATE HEADQUARTERS BE LOCATED?

The current headquarters of Langley would be the corporate headquarters of the combined organization.


WHO WOULD LEAD THE ORGANIZATION?

Tom Ryan will serve as the CEO of the merged organization. Brian Clark VBSFCU’s CEO would continue serving the combined organization in a leadership role.


WHO IS TOM RYAN?

Since 2012 Tom has been leading Langley. Since that time he has overseen all strategic and operational aspects of the credit union. Under Tom’s leadership Langley has doubled its assets from $1.7 billion to $3.9 billion with nearly 600 employees. Tom takes great pride in the culture he has built, one driven by 4 guiding principles called The Langley Experience:

Tom has more than 30+ years of credit union experience – with 20+ years at the executive level. Prior to joining Langley, Tom was the Executive Vice President/Chief Operating Officer at Digital Federal Credit Union.


WHAT IS THE MERGER TIMELINE?

To complete the merger process, we must receive approval from three sources: our Boards of Directors, our Regulators, and you, our members. As of May 25, 2021, the Boards of both organizations have approved the merger. As of August 6, 2021, our Regulators approved the merger. As of October 19, 2021, the members voted to approve the merger. Our legal day as a combined organization will be November 1, 2021. We will begin to work on fully integrating the operations and systems of our credit unions with a target completion date of sometime in early 2022.


WHAT WOULD HAPPEN AFTER ALL APPROVALS ARE COMPLETE?

It is anticipated that all approvals would be complete by November 1, 2021. By this date, we will become one from a legal standpoint. However, this is not the date in which all of the operational processes change. The process of completing a core conversion would extend into the 1st quarter of 2022.


WILL THERE STILL BE VIRGINIA BEACH SCHOOLS FCU BOARD REPRESENTATION ON THE COMBINED BOARD?

The Langley Federal Credit Union board is committed to and would continue to represent the interest and needs of the members of the combined organization. Seven of our current board members and/or associate board members will have the opportunity to be part of an advisory board for Langley for a period of three years.


WILL MEMBERS NEED TO CHANGE THEIR AUTOMATIC TRANSACTIONS?

Right now, it's business as usual. As the merger progresses and we work to integrate our systems, we are committed to implementing solutions that minimize disruption to accounts. If in the future, one or more of your ACH transactions are impacted, rest assured we would communicate that to members in a timely manner.

If you have any questions that haven't been addressed in the above FAQ's, please email directors@vbsfcu.org or contact us by phone at 1-877-482-7328