South Carolina Credit Unions Announce 2021 Merger
The merger will mean a new brand name for Anderson Federal Credit Union and SC Telco Federal Credit Union.
Two leading South Carolina credit unions have announced plans to unite under a new brand name in a move they said will help them become more cost efficient and better adapt to changing regulations.
Anderson Federal Credit Union, which has 13,000 members and $106 million in assets, will join with SC Telco Federal Credit Union, which has more than 56,000 members and $380 million in assets. Together, the credit unions will have 150 years of shared history and cover 10 branch locations across the Upstate and Midlands, according to a press release from SC Telco.
Pending approval from AFCU members, the merger is projected to be complete in February 2021. Locations and staff will remain the same, while members will have access to more financial products and services, including business loans, more digital and mobile services, and a larger ATM network, according to AFCU’s press release.
The new name is yet to be announced.
AFCU President Robert Wilson has asked members to vote in favor of the idea.
“I believe this proposed merger would be a partnership built upon the cornerstone of putting our members first and a shared devotion to impact the communities we serve,” Wilson said in a statement.
The credit unions didn’t elaborate on how the merger will affect accounts, but said any changes will be announced at least 30 days in advance.
The credit unions have found kindred spirits in one another, the way AFCU’s statement told it.
“Although formally this is a merger, it is a true partnership where two credit unions that share similar cultures and vision bring different strengths to the table to improve the financial lives of their members,” AFCU’s press release said.
SC Telco CEO Brian McKay had similar thoughts about the merger.
“I couldn’t be more excited about this merger,” McKay said in a statement. “With very similar cultures and values, we will only be stronger together. The board of directors and I believe this proposed partnership is a perfect representation of the cooperative spirit of credit unions and brings with it, tremendous opportunity for our members, our employees and ultimately, our communities.”