Excel Federal Credit Union in Peachtree Corners, Georgia, received approval to expand its charter from the National Credit Union Administration.
The approval broadens Excel’s membership to anyone in Gwinnett, Hall, Forsyth and Fulton counties, Georgia, the organization announced in a press release Thursday. Previously, Excel operated under a multiple common bond charter that restricted its membership to employees of a limited number of companies.
“We are now able to bring our exceptional financial services to the communities which we call home,” Tom Hayden, Excel's CEO, said in a press release.
Excel has about $147 million of assets. It was founded in 1952 and serves 14,500 members in the Atlanta metro area. The new charter, issued in June, broadens the credit union's operations beyond that footprint.
The initial bond charter permitted membership to federal employees in Georgia, and the credit union partnered with Georgia schools to offer financial literacy courses, according to Britney Bailey, Excel's marketing director.
“Unfortunately, as we provided education to those schools, we couldn’t offer students accounts as members,” Bailey said in an interview.
She says broadening membership fulfilled her organization’s growth plan.
