For 60 years, Virginia Beach Schools Federal Credit Union has served members and brought value by offering convenience and access to financial products and services. We have been proud to help members achieve their financial goals.
On behalf of the Board of Directors and Leadership Team, I am excited to announce our plans to merge with Langley Federal Credit Union. Merging with Langley will allow us to continue acting in the best interest of our members by providing more access, more value, and more rewards to members and the community.
This merger represents a partnership between two credit unions that share values, plus a real commitment to our members and the communities we serve. As the financial services landscape continues to evolve, merging with Langley allows us to immediately enhance what we can offer members. This includes access to more branch locations, more products and services at competitive rates, and enhanced technology offerings that will provide greater 24/7 convenience.
We are excited to share we have received approval from our regulators. What happens next? Virginia Beach Schools FCU members will be sent the official Notice of Meeting and ballot on August 31, 2021, and will have the opportunity to vote until the day of the special meeting which is scheduled for October 19, 2021.
The collaborative merger between VBSFCU and Langley FCU would provide opportunities to implement best practices from both organizations to achieve more positive member impact and value such as:
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.
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.
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.
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.
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.
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.
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.
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.
The current headquarters of Langley would be the corporate headquarters of the combined 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.
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.
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. With this decision made, we are now in the process of getting regulatory approval.
It is anticipated that all approvals would be complete by November 1, 2021. By this date, we would 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.
Our regulators have approved our merger plans. With Virginia Beach Schools FCU member support of the merger through the voting process, our legal day as a combined organization would be November 1, 2021. We would then begin to work on fully integrating the operations and systems of our credit unions with a target completion date of sometime in early 2022.
Now that we have obtained regulatory approval, a Meeting Notice and voting instructions was recently sent to Virginia Beach Schools FCU members providing voting information. Voting will be accessible in a multi-channel manner (mail-in, electronic, or in-person at the special meeting). Thus, voting by both mail and electronically will commence immediately upon the delivery of the Meeting notice.
All qualified members of Virginia Beach School FCU over the age of 18, are eligible to vote as of the designated cut-off date of July 31, 2021.
Joint owners on accounts are not members and thus have no membership voting rights.
No member will be entitled to vote if he or she opened an account at the credit union on or after July 31, 2021.
Ballots will be distributed or made available to all qualified members and members will have the opportunity to vote in one of three voting methods: by mail, electronically, or at the Meeting. The voting period opens upon member’s receipt of their Meeting Notice and ballot which were sent out on August 31, 2021, and have the opportunity to vote until the day of the special meeting which is scheduled for October 19, 2021.
Eligible members may request a new ballot by contacting the credit union and we will then have a new ballot sent to you via our independent third party.
We are not accepting ballots at any of our branch locations. If you plan on voting by mail please use the postage-paid return envelope to mail your ballot directly to CU Ballot.
A member is eligible to vote one time only, and therefore cannot re-cast their vote.
We will know the results of the vote on the day of the special meeting on October 19, 2021. We will notify members of the outcome as soon as possible via an announcement on our website and social media channels.
The receipt, custody, and counting of all ballots will be conducted by an independent third-party and not the management, Board, or Supervisory Committee of the credit union.
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 would be part of an advisory board for Langley for a period of three years.
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.