The $221 million Piedmont Advantage Credit Union of Winston-Salem, N.C., said it will acquire the financially troubled $7.9 million East Coast Credit Union in Wilmington, N.C., on Nov. 30.
East Coast Credit Union operates one branch in Wilmington and serves 2,179 members throughout six coastal counties of North Carolina. Since 2008, its assets have declined from $9.9 million to $7.9 million, according to NCUA financial performance reports. The credit union also has posted net income losses totaling $827,981 from 2008 to Sept. 30, NCUA financial performance reports show.
The acquisition gives Piedmont Advantage CU a presence in the Wilmington and southeastern North Carolina market. It said it now serves 41,275 members in more than 8,000 zip codes across the nation. Its assets have grown from $208 million in 2008 to $221 million in September 2012, show NCUA financial performance reports. During the same time period, the credit union's net income has increased from $366,636 to more than $1 million.
Members of the former East Coast Credit Union will continue to be able to transact business at the East Coast Credit Union branch and will have access to nine Piedmont Advantage Credit Union branches, ATMs and other services.
“The two organizations share a common vision of enhancing the lives of members through customized and caring financial solutions,” said John Cowan, East Coast CU board chair. “This partnership will expand and enhance our offerings and fulfill that promise to our members.”
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