The CEO of Synergy One Federal Credit Union, whose branches are located in Prince William County, Va., said the institution's pending acquisition by Apple Federal Credit Union, Fairfax, Va., is being caused by how the economy is affecting the area's housing market.
William White, president and chief executive of Synergy One, said in a press release, “Prince William County has been very hard hit by the recession and the ensuing mortgage defaults have affected our credit union, so this merger will help bring us stability."
The release cites RealtyTrac.com data which claimed for 2010 one in every 436 households in Price William County was in foreclosure.
Furthermore, the U.S. Department of Labor said the county's unemployment rate is 5.4%.
In comparison, in Fairfax County one in every 885 households was in foreclosure and the county's unemployment rate was 4.6%.
The National Credit Union Administration has approved the merger and it is expected to take place in early November.
Educators working in the Fairfax County public schools formed Apple FCU in 1956. It currently has 117,000 members. Synergy One started as the IBM Manassas Employees Federal Credit Union. Its field of membership is now based on geography.
Everyone who lives, works, worships, or goes to school in Prince William County, Manassas and Manassas Park, Va., is eligible to join.
