More credit unions and banks are looking to expand their footprints in the commerce-rich I-85 corridor in the northwest of South Carolina.
Centered in Greenville, the upstate region of the Palmetto State has a healthy economy and a burgeoning population that is becoming crowded with financial institutions looking for growth.
One of those is Truliant Federal Credit Union, which is doubling down on the market.
Truliant, which is based in Winston-Salem, North Carolina, announced plans in October
Now, the $4.1 billion-asset credit union said it is planning to build an additional four branches in the next three years, with the goal of having more than 10 physical locations in the market over time. Truliant wants to match the region's fast-paced growth, and is opening branches as quickly as it can, it said in a Jan. 27 press release.
Its Cherrydale Point branch in Greenville opened last year. A new location will open in Easley this spring, and its Greer location will open in the fourth quarter of 2023.
Greenville has a population of 74,413 and is growing at a rate of 1.68% annually, according to the U.S. Census Bureau. The city's population has increased by 5.22% since 2020, when it was 70,720.
The city sits in reasonable proximity to Asheville, Atlanta and Charlotte and is a stone's throw from Clemson University. It has a diverse manufacturing cluster, and the downtown area has been undergoing a major revitalization over the last few years, observers said.
Dan Schline, president and CEO of the Carolinas Credit Union League, said even with global economic challenges present in the past couple of years, the Greenville-Spartanburg market has prospered.
"New and existing businesses continue to invest and locate in Greenville. We see great work on the economic development front and tremendous population growth," Schline said.
He added that the region is a great place to work and to live, so credit unions see a big opportunity to serve a growing population.
As do banks.
"Certainly with the growth the upstate has seen, it's not just credit unions that are expanding their branch network. Banks seem to be actively pursuing business and in some instances opening branches," Schline said.
One of those is Fifth Third Bancorp. The $206 billion-asset bank has three branches in Greenville and one nearby in Simpsonville.
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Another bank interested in the upstate market is First Bancorp, the parent company of First Bank. The Southern Pines, North Carolina-based company completed its acquisition of Greenville-based GrandSouth Bancorp, which owns GrandSouth Bank, on Jan. 1.
FirstBank said it was attracted to GrandSouth's eight branches in South Carolina in key towns and cities that match its desired areas for growth, including Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg and Charleston, according to a press release. That
With all the newcomers moving into Greenville, one of the hometown credit unions is in the position of defending its turf.
Greenville Federal Credit Union said it is aware of all the financial institutions moving in and building presence in the market.
And the $406 million-asset credit union is not surprised.
"Greenville is one of the most sought-after markets in the Southeast," said Catherine James, senior vice president of marketing and brand strategy for Greenville Federal Credit Union. "But, our credit union is Greenville's credit union. We were founded by this community to serve this community almost 55 years ago, and our 33,000 members here in Greenville know that we will continue to put them first."
So how will the credit union react to the increasingly crowded market?
James said it will remain focused on serving Greenville with a personal touch.
"We've made big investments in our digital services and financial tools that rival any big bank, but our members also know that they have a comfortable, convenient local branch where they can discuss their financial needs," she said.
