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Uniting for Success

We are excited to announce an intent to merge.

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Merger Announcement

Apple Federal Credit Union and NextMark Credit Union are excited to announce an intent to merge in late 2024. If approved, NextMark members will join Apple FCU and enjoy broadened branch access and financial solutions, while staff will benefit from enhanced career opportunities. This partnership between two well-established, financially strong credit unions creates a powerful force dedicated to member service and community outreach.

Who is Apple

Established in 1956, Apple FCU is ranked as a top 100 credit union nationwide, serving roughly 245,000 members with $4.4 billion in assets. As a member-owned financial cooperative, Apple FCU serves a diverse community of school systems and anyone who lives or works in Fairfax, Frederick (VA) and Prince William counties. With a strong emphasis on innovation and technology, Apple prioritizes member experience and financial education, striving to empower individuals and families to achieve their financial goals. The Credit Union is fully committed to making a positive impact, not only in financial services, but also in community involvement, financial wellness and charitable giving. Apple Federal Credit Union strives to foster long-term relationships built on trust and integrity.



Impact on Apple FCU Members

Apple members can expect little to no impact related to the merger. At the time NextMark accounts are merged into our systems early next year, we anticipate longer wait times as we serve them. Excitedly, we’ll gain four new branch locations in Fairfax County to assist you with your financial needs.


Who is NextMark

In 1958, a group of forward-thinking Fairfax County employees got together to form a financial cooperative called Fairfax County Employees Credit Union that offered loans and savings accounts at fair rates. For over 65 years NextMark has offered innovative member focused products and services by providing convenient state-of-the-art solutions that empower the financial lives of their members. After expanding their field of membership to include 7 counties in Northern Virginia, today NextMark Credit Union serves nearly 17,000 members with assets of over $500 million. NextMark is consistently recognized nationally as a top performing Credit Union in service to members and financial strength. NextMark’s mission is helping people progress in their financial lives, and they live to provide opportunities to empower every member to realize their own dreams.


Impact on NextMark Members

The intent to merge is currently under review by our regulator, National Credit Union Association (NCUA). Once approved, NextMark members will vote to proceed with the merger. We anticipate an official merge date in November 2024, with a conversion of accounts in early 2025. Rest assured, we’ll communicate important dates, changes and next steps. In the meantime, bank at NextMark as you normally would.

Frequently Asked Questions

This resource is aimed at addressing questions or concerns of the NextMark Credit Union membership. It will be continuously updated as the merger process progresses.

The Boards of Directors of both credit unions, who represent the members, are confident that merging NextMark with Apple provides an opportunity to achieve greater positive member, employee and community impact, and offers additional benefits to NextMark members.

In a rapidly evolving financial services industry, this merger would allow us to remain competitive and be more responsive to members' financial needs.

Absolutely. The Boards of both Credit Unions approved the proposed merger and are very excited about the growth and benefits it brings to our members, employees and communities.

What would this partnership do for the credit unions?
Overall, our combined assets would be nearly $5 billion, serving more than 260,000 members with 25 branches throughout Northern Virginia. The competitive physical presence and our combined strengths in products, services, personnel, and technology, would allow both credit unions to better serve our members and our communities. It’s important to add that while our new asset size is larger, our joint commitment and focus remain to provide the best value to our members, employees and the communities we serve.

What are the advantages of becoming a larger credit union?
Becoming a larger credit union would provide opportunities to leverage resources, positioning for continued growth and increase operational efficiencies. This would also allow us to provide even more value to members through greater access to expanded products and services along with robust, evolving technologies, all while continuing our impactful, local community presence.

Mergers can be initiated for many reasons. The primary reason for our "strategic" merger is to better serve members by providing greater value than we could as separate organizations.

In this case, we are merging two, healthy credit unions, the goal of which is to build a combined institution that leverages best practices and achieves greater economies of scale to ensure we can continue to offer the best service, products and technologies to members. You can expect:

  • More Branch Locations:
    Enjoy an extensive network of 25 branches, spanning five counties in Northern Virginia – Fairfax, Loudoun, Prince William, Stafford and Winchester (Frederick) – offering greater flexibility for your banking needs. All NextMark locations will remain open.
  • Expanded Financial Solutions:
    You will have access to a broader range of products and services, including business banking, in-house mortgage products, and a full-service wealth management and insurance division.
  • Unwavering Community Focus:
    Our long history of commitment to the local community will remain steadfast.
  • Same Knowledgeable, Friendly Employees:
    All NextMark employees will join the Apple team at the time of the merger, and benefit from the enhanced career opportunities of a larger institution.

Pending NCUA approval and a positive NextMark membership vote, NextMark would legally become Apple FCU effective November 1, 2024. However, at that time, you would conduct business with the credit union largely the same until our systems are fully integrated. We anticipate that would be completed in the first quarter of 2025. At that time, your NextMark membership would fully convert to an Apple FCU membership. As the transition date approaches, we will keep you up-to-date on the process and make sure you have all the tools you need to ensure a seamless transition.

Many of your products and loans will continue with the same terms you have today, though there will be changes to some accounts, such as checking. As part of the conversion, we will transition you to comparable Apple FCU options, as applicable. We’ll be sure to communicate important dates, changes and next steps to ensure you can continue to conduct business with minimal disruption.

What if I'm already a member at both?
There’s nothing you need to do today! Continue banking at both institutions as usual; more details will be shared as the conversion draws nearer relating to your account migration.

Will I continue to get the same service and attention?
Yes. Both credit unions are committed to providing high levels of service for members during this transition and into the future. 

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. Information regarding NCUA insurance, and a calculator to help determine your coverage, is available at www.mycreditunion.gov/estimator.

There are no plans for any branch closures.

No. Both credit unions recognize employees are integral and recognize the importance of retaining talented, dedicated staff to ensure a successful merger and long-term transition. The member-facing staff in each location will remain in those locations unless they decide to explore a new opportunity. Leadership will invest in the success of and support our employees through this process as they benefit from the enhanced career opportunities of a larger institution, such as opportunities for professional growth and increase personal development.

Both credit unions wanted to find a partner that matches our passion for service, aligns closely with our mission, shares a dedication and loyalty to its membership and the communities it serves, and is similar in employee commitment. Apple FCU is a trusted financial institution in our region, one consistently honored for their dedication to employees, members and community.

The institution will retain the Apple Federal Credit Union name.

Who will lead the organization?
Andy Grimm, President/CEO of Apple Federal Credit Union would remain President/CEO following the merger. Joe Thomas, President/CEO of NextMark Credit Union will join Apple in a strategic advisory role as Executive President.

Yes, the proposed merger requires majority-approval of the NextMark membership who will vote on the proposal. Apple members are not required to vote.

The proposed merger requires three approvals: the Board of Directors of both credit unions; from our regulator, NCUA; and a majority of the members of NextMark.

On May 24, the Board of Directors for both credit unions unanimously approved the proposed merger.

The merger application was submitted to NCUA for regulatory approval in June. Upon receipt of regulatory approval, NextMark members will have an opportunity to vote. The timeline for this is estimated to be this fall. Upon all approvals, it is anticipated the merger would be finalized in November 2024, with system integrations occurring in early 2025.

As the merger process continues, we will keep members informed of progress, including sharing important notices, dates, and events. If you have questions that haven’t been addressed in these FAQs, please email [email protected].