Source: Shutterstock.
A North Carolina credit union has launched its own foundation with help from the credit union league serving North and South Carolina. Allegacy Federal Credit Union ($2.1 billion, Winston-Salem) unveiled the Allegacy Foundation last week – a donor-advised fund created in partnership with the Carolinas Credit Union League's Carolinas Credit Union Foundation.
According to the announcement, the Allegacy Foundation will make donations to non-profit organizations in North Carolina that are focused on the credit union's philanthropic priorities: Food insecurity; health and well-being; education; and diversity, equity and inclusion.
A new web page devoted to the foundation contains forms that non-profits can submit to request a donation, as well as opportunities for Allegacy employees, members and community members to make donations to support the credit union's community development initiatives and scholarship program.
"Our members are at the center of everything we do," Cathy Pace, Allegacy's president/CEO, stated. "Through this charitable foundation, we will be able to support the organizations and causes they care about most."
The foundation's formation also enables Allegacy to increase the amount of its scholarship awards by more than 50%, according to the credit union. Going forward, the Allegacy Scholarship Program will pay out 10 awards totaling $15,000 annually, ranging in value from $500 for technical and community college students to $2,500 for college and university students. Named for Allegacy CEOs Mel Hughes, Ike Keener and Cathy Pace, the program is open to Allegacy members pursuing an undergraduate, technical or community college degree and its application period runs from October to February.
"Through these scholarships, Allegacy aims to remove some of the financial barriers to accessing a higher education," Ashley Kohlrus, Allegacy's EVP chief operations and digital officer, said. "What a great way to honor our visionary leaders by giving back to the next generation."
Other credit unions that launched their own foundations in 2022 included Education Credit Union ($425 million, Amarillo, Texas) and Avadian Credit Union ($1.2 billion, Hoover, Ala.).
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
