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Self-Help Credit Union plans to acquire a small Winston-Salem, N.C., credit union that had been bleeding members since an audit two years ago discovered funds had been stolen.
Winston-Salem Federal Credit Union ($60.9 million in assets, 8,889 members as of Sept. 30) will become part of Self-Help Credit Union of Durham, N.C. ($1.9 billion, 89,275 members) as of Jan. 1.
Winston-Salem FCU asked for a police audit in August 2022, and in November 2022 the Winston-Salem Police Department announced that it found about $47,000 had been stolen over the previous five years, allegedly by a long-term employee.
The credit union’s membership fell from 11,659 in September 2022 to 9,111 by December 2023 and 8,889 by Sept. 30 this year. Cash and deposits fell from $28.1 million in December 2022 to $17.0 million by December 2023 and $12.6 million by Sept. 30.
Net income fell from $24,076 in 2022 to a loss of $53,003 in 2023. The credit union was $1,823 in the red for the first nine months of 2024.
Self-Help’s Dec. 17 news release said the merger was approved by Winston-Salem FCU members and the boards of both credit unions. Self-Help said it plans to maintain Winston-Salem FCU’s sole branch in the city. Self-Help’s nearest branch in the state is in Greensboro.
Winston-Salem FCU President/CEO John Jameson said the decision to merge was clear.
“Our missions are so closely aligned that it is a natural fit,” Jameson said. “Our members will benefit immensely from the enhanced services and additional product offerings that Self-Help brings, such as a greater focus on mortgages as well as competitive deposit rates and a strong ATM network, just to name a few.”
Winston-Salem FCU Chair Kevin Lyons said the board was fortunate “to find such a mission-aligned partner here in North Carolina to continue our 70-year tradition of service.” The credit union was founded in 1957 to serve employees of the City of Winston-Salem.
After the merger, Self-Help CU will have 38 branches in five southeastern states:
- 24 in North Carolina
- 8 branches in Florida
- 4 in South Carolina
- 1 in Virginia
- 1 in Georgia
The state-chartered credit union has a sister federal credit union: Self-Help Federal Credit Union of Durham ($2.1 billion, 129,107 members).
Contact Jim DuPlessis at [email protected].
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