Virginia
Virginia Credit Union to merge with $1B Roanoke-based Member One FCU – Richmond BizSense
The Richmond region’s biggest credit union has yet another initiative in the works to increase its size and stature in the state.
Virginia Credit Union announced on Thursday its plans to merge with Roanoke-based Member One Federal Credit Union.
The deal, which is subject to certain approvals and could close later this year, would create the third-largest credit union in Virginia with $6.8 billion in assets, nearly 500,000 members, 37 branches and 1,100 employees.
VACU is the larger of the two with $5.2 billion in assets, 320,000 members and 22 branches mostly around Richmond.
Member One has $1.6 billion in assets and 150,000 members. Its 15 branches are clustered in Roanoke, Lynchburg and the Blacksburg area.
The credit unions said the merger would create one of the 50 largest credit unions in the U.S.
“This merger is between two financially healthy, future-focused credit unions committed to providing unparalleled branch and digital access, along with amazing service for the members and the communities they serve,” the credit unions said in a joint press release. “In a highly competitive financial services industry, where consumers want things easier and more seamless than ever, this merger positions VACU and Member One to be a leading credit union to do just that.”
The credit unions say they don’t have plans to close any branches or lay off any employees from either side.
VACU CEO Chris Shockley would lead the combined organization. Member One CEO Frank Carter would remain in an executive role.
“Becoming a larger organization with more locations, more talent, and more resources will ultimately result in greater economies of scale which is a good thing,” Shockley said in an prepared statement. “What becoming larger does not mean, however, is that we sacrifice our mission and our purpose. We would continue to invest in our members, our people, and our communities.”
The deal has already been approved by the boards of both sides. It awaits a vote from Member One members and approval from the National Credit Union Administration. If both of those are obtained, the merger is expected to close sometime this year.
The Member One brand would stick around at list in the interim as a division of Virginia Credit Union. VACU’s name will not change. The two sides said they would eventually conduct “a thoughtful, independent, and expert analysis of brand… to determine the name of the combined organization.”
Each side expects to maintain its respective headquarters: VACU’s in Chesterfield and Member One in Roanoke.
Member One was created in 1940 to serve employees of Norfolk and Western Railway. It was called Norfolk & Western Credit Union at the time, eventually changing its name in 1996.
VACU was created as State Employees’ Credit Union in 1928.
The Member One deal comes on the heels of a much smaller merger recently consummated by VACU in Charlottesville, where it absorbed the tiny Virginia Trailways FCU.
It also comes as VACU is attempting to convert from a state charter into a federally chartered credit union – the same designation held by Member One.
A VACU spokesperson said the merger with Member One is unrelated to VACU’s ongoing effort to obtain a federal charter, which awaits approval from the NCUA.
VACU said it expects that process to be completed prior to the closing of the Member One deal.
Virginia
Virginia Basketball Holds Off Manhattan 74-65 | Key Takeaways
Virginia (4-2) got back in the win column with a 74-65 victory over Manhattan (3-3) on Tuesday night at John Paul Jones Arena. Here are our five quick takeaways from the Cavaliers’ win over the Jaspers.
Virginia was in serious need of a win after suffering those two humbling losses to Tennessee and St. John’s in The Bahamas. But a convincing and comfortable victory would have been even better and for a while, it seemed like the Cavaliers were on their way to doing just that. UVA led by as many as 15 points in the first half and opened up a 16-point advantage midway through the second half. But rather than putting the game away, Virginia let Manhattan hang around and the visiting Jaspers were in a situation where they were fouling to stop the clock in the final minutes, narrowing the deficit to as little as six points. A win is a win, but this was far from a confidence-boosting performance.
Virginia went with a new starting lineup on Tuesday night, as Andrew Rohde replaced TJ Power. Rohde has been playing very well recently, particularly with his resurgent outside shot, while Power came into this game shooting 25% from beyond the arc this season.
Power initially responded well to the benching, swishing a corner three shortly after he first entered the game, hitting the deck for a loose ball, and coming up with a steal to stop a Manhattan fastbreak. But he wound up playing only six minutes, fewest among Cavaliers who saw the floor in the game. That does not bode well for the Duke transfer.
Read Val’s Plus/Minus breakdown of the game here.
Rohde, on the other hand, had another solid game and was perhaps the top performer for the Hoos on Tuesday night. Though he missed his only three-pointer, which was a desperation off-balanced heave at the end of the shot clock, Rohde finished with a season-high 14 points, two assists (with one turnover), two rebounds, and four steals. Rohde showed excellent feel for the game, getting exactly where he wanted to go and exhibiting some nice touch on a couple of floaters plus a short jumper off the glass. If Rohde is playing like this and his three-point shot continues to be there, this could be a big season for the former St. Thomas transfer.
The main reason why this game continued to be close deep into the second half is because UVA’s defense frequently broke down and gave up open shots to Manhattan, particularly from the perimeter. The Jaspers shot 11/26 (42.3%) from beyond the arc and and seven different players knocked down a three. A couple of those Manhattan triples were well-contested, but the vast majority of them were wide-open. That’s very concerning and shows that this Virginia defense, with its many new faces, is still very much a work in progress.
Virginia’s offense was pretty well neutralized by Tennessee and St. John’s in The Bahamas. Tuesday night against Manhattan was a small step in the right direction, but there’s still a lot of room for improvement.
Let’s start with the good. Five different Cavaliers scored in double figures, including a game-high 18 points from Isaac McKneely, who hit three of his four three-point attempts and went 5/6 from the free throw line. We still think McKneely needs to shoot way more, but we’ll leave that alone for now. Dai Dai Ames scored 10 points and dished out five assists, but fouled out of the game. Blake Buchanan made his first four shots and finished with 11 points and five boards. Cofie made five of his seven shots and finished with 10 points and five boards. The best part of the game was that Virginia had 15 assists on 29 made baskets and turned the ball over only eight times, a vast improvement over the team’s turnover issues in The Bahamas.
Virginia outscored Manhattan 42-22 in the paint. That looks like a good stat, but it’s also an inevitable stat because of UVA’s size advantage over the Jaspers, whose tallest player in the rotation is 6’8″. Still, Manhattan snared 10 offensive rebounds and scored 11 second-chance points. In The Bahamas, UVA was dominated on the glass and was simply outmatched from a physicality and athleticism standpoint. Nothing we saw from the Cavaliers on Tuesday night did anything to alleviate those concerns.
Up next, Virginia remains at home for another (supposed) tune-up game against Holy Cross on Friday at 4pm at John Paul Jones Arena.
Virginia vs. Manhattan Live Updates | NCAA Men’s Basketball
UVA Basketball: Ten Things We Learned About Virginia in The Bahamas
Virginia Basketball Falls to St. John’s 80-55 | Key Takeaways
Virginia
Virginia vs. Manhattan Live Updates | NCAA Men’s Basketball
Virginia (3-2) is set to host Manhattan (3-2) on Tuesday night at John Paul Jones Arena in Charlottesville, Virginia. Follow along with score updates, play-by-play, and live analysis for the game in the thread below. Updates will be posted at each timeout in reverse chronological order with the most recent updates at the top of the article. Refresh the page for updates.
As we await our 7pm tip between Virginia and Manhattan on the ACC Network, read a full preview of the game here: Virginia Basketball vs. Manhattan Game Preview, Score Prediction
Virginia has posted its starting five for tonight’s game:
– Dai Dai Ames
– Isaac McKneely
– Andrew Rohde
– Elijah Saunders
– Blake Buchanan
Notably, TJ Power has been replaced by Andrew Rohde in the starting lineup after starting the first five games of the season. Power is shooting 25% from three (4/16), while Rohde is currently shooting 50% from beyond the arc (7/14).
- Virginia and Manhattan will meet on Tuesday night for just the second time ever and first time since March 19th, 1993, when the Cavaliers defeated the Jaspers 78-66 in the first round of the 1993 NCAA Tournament.
- UVA is 9-0 against current members of the Metro Atlantic Athletic Conference.
- Virginia’s last game against a MAAC team was back in 2012, when the Cavaliers defeated Fairfield 54-45 at John Paul Jones Arena.
- UVA is 2-0 at John Paul Jones Arena this season and 3-0 against unranked opponents this season.
Read more Virginia men’s basketball news and content in the links below:
UVA Basketball: Ten Things We Learned About Virginia in The Bahamas
Virginia Basketball Falls to St. John’s 80-55 | Key Takeaways
The Plus/Minus: Virginia Gets Skunked by Tennessee in The Bahamas
Virginia Basketball Falls to Tennessee 64-42 | Key Takeaways
Virginia
Suspect steals property from store, assaults employee in Virginia
LOUDOUN COUNTY, Va. – A man has been arrested after entering a store in McLean, stealing merchandise and assaulting an employee.
The suspect has been identified as Calvin Hughes Jr, of Washington D.C.
Leesburg Pike robbery suspect
Police responded to the 8300 block of Leesburg Pike in McLean for a commercial robbery on November 21 around 11:00 a.m. According to police, the suspect entered the store, stole merchandise, and assaulted an employee.
Hughes Jr. was identified and arrested nearby for robbery and is being held without bond.
-
Science1 week ago
Trump nominates Dr. Oz to head Medicare and Medicaid and help take on 'illness industrial complex'
-
Politics1 week ago
Trump taps FCC member Brendan Carr to lead agency: 'Warrior for Free Speech'
-
Technology1 week ago
Inside Elon Musk’s messy breakup with OpenAI
-
Lifestyle1 week ago
Some in the U.S. farm industry are alarmed by Trump's embrace of RFK Jr. and tariffs
-
World1 week ago
Protesters in Slovakia rally against Robert Fico’s populist government
-
Health4 days ago
Holiday gatherings can lead to stress eating: Try these 5 tips to control it
-
News1 week ago
They disagree about a lot, but these singers figure out how to stay in harmony
-
Health1 day ago
CheekyMD Offers Needle-Free GLP-1s | Woman's World