The $60 million, 10,927-member United Services Credit Union in Asheville, N.C., merged with the $583 million, 40,111-member Self-Help Credit Union in Durham, N.C., on Monday.
Approved by a Sept. 24 vote of United Services members, the credit unions said in a joint statement that the merger is a "proactive step by both credit unions to capitalize on their relative strengths and expand their impact within Western North Carolina communities."
United Services' net worth is 13.27%, well above peer average of 11% as of June 30, according to NCUA financial performance reports. The cooperative also increased its loan income from $1.9 million in 2008 to $2.7 million in 2012.
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Though it recorded a net income loss of $518,524 in 2008, the credit union posted net income profits of $421,707 in 2009, $132,354 in 2010, $174,821 in 2011 and $364,291 in 2012, according to NCUA financial performance reports.
Founded in 1954 by a group of hospital employees, United Services CU has been serving the financial needs of those who work for medical employers in the area as well as the employees from several other industries.
The cooperative will continue to do business as United Services, a division of Self-Help Credit Union. All seven United Services branches in Asheville, Old Fort, Fletcher, Morganton, Maiden and Lexington, N.C., and Galax, Va., will remain open, the credit unions said.
"United Services' mission has always been to provide quality services to our members with a personal touch, while ensuring the safety of their assets," said Bill Carrington, United Services' president/CEO. "We've done that quite successfully since our founding in 1954, and we are excited by opportunities that merging with Self-Help will provide our members."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
