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VolCorp Selects WesCorp as
Merger Partner

10/24/05


NASHVILLE - - Volunteer Corporate Credit Union’s (VolCorp)—today publicly announced its intent to merge with Western Corporate Federal Credit Union (WesCorp). The announcement culminated an extensive due diligence process, one aimed at searching for a partner that would share its distinctive values and solution-based approach to meeting the needs of its members in Tennessee and the Southeast United States.

Blake Strickland, VolCorp Chairman of the Board, summarized the rationale for the intent to merge, saying, “We’re excited about uniting the VolCorp and WesCorp families to generate a new pathway to success for our members. By aligning VolCorp’s strong member relationships with extraordinary investment and payment systems skills and capabilities, the combined VolCorp and WesCorp will increase the viability and competitiveness of our credit union family.”

VolCorp, headquartered in Nashville, Tennessee, was chartered in 1981. It serves 258 credit unions located throughout the Southeast U.S., and currently holds $1.0 billion in assets. WesCorp is headquartered in San Dimas, California, and serves 1,066 credit unions in 41 states and Guam. It has more than $25 billion in assets. Both corporates are part of the nationwide family of 29 corporate credit unions, providing a variety of liquidity, investment, credit, payment system, and risk management service options to more than 9,000 natural-person credit unions.

While today’s announcement makes public VolCorp’s intent to merge with WesCorp, the official sanctioning of the merger requires both board approval from the National Credit Union Administration (NCUA) and the Tennessee Department of Financial Institutions, which may take up to 120 days, followed by a majority affirmative vote of VolCorp’s member credit unions.

WesCorp Chairman of the Board John Merlo said, “We are honored that VolCorp has chosen WesCorp to join its family as a partner in serving the credit union community in the Southeast. We believe WesCorp will be enriched, and most important, our members will be enriched because of the distinctive member-centric solutions that only this new partnership between VolCorp and WesCorp can offer.”

WesCorp has committed to retaining all of VolCorp’s existing staff and keeping a permanent office in Nashville. VolCorp officials will participate in WesCorp’s ongoing governance through the appointment of one director from VolCorp’s board to WesCorp’s Board of Directors. VolCorp’s current directors will serve as members of a Southeast Advisory Committee, meeting periodically with the WesCorp board and senior management on issues of business uniqueness and opportunity.

About VolCorp
Volunteer Corporate Credit Union (VolCorp) is a not-for-profit financial cooperative with assets of more than $1.0 billion. Headquartered in Nashville, Tennessee, VolCorp serves a national field of 258 member credit unions through a solution-based approach to investment, liquidity, and payment system services. VolCorp is regulated by the Tennessee Department of Financial Institution’s Credit Union Division and the National Credit Union Administration. For more information, visit www.volcorp.org.

About WesCorp
Established in 1969, WesCorp is Western Corporate Federal Credit Union—America’s largest corporate credit union. As a financial services cooperative with approximately $25 billion in assets and more than 1,000 member/owner credit unions located throughout the United States and Guam, WesCorp operates under authorities granted by the National Credit Union Administration. WesCorp serves its credit union membership through an array of investment, credit, payment, funds-transfer, and settlement solutions supported by a variety of educational conferences, publications and webcasts. Headquartered in San Dimas, California, WesCorp also provides member service through offices in Boise, Idaho; Honolulu, Hawaii; Salt Lake City, Utah; San Leandro, California; and Seattle and Spokane, Washington. Visit www.wescorp.org for more information.