SAFE Federal Credit Union in Sumter, South Carolina, is combining will a small credit union in its hometown.
The $1.5 billion-asset SAFE struck the merger deal with Sumter City Credit Union, which has $3 million of assets. They did not say when the deal would close.
The combined entity is to operate as SAFE Federal Credit Union.
Bobby Galloway, Sumter City CU's chairman, said the merger will provide its members with a more robust product and service offering, as well as the same level of support and attention to which they have been accustomed.
“We think that SAFE Federal Credit Union’s commitment to the Sumter community and forward vision are a natural fit to meet the financial needs of our members,” Galloway said in a press release.
During the integration, SAFE employees will assist Sumter City CU employees at its branch in Sumter, the companies said.
Michael Baker, SAFE’s president and chief executive, said the organizations are looking forward to combining their resources.
“We are honored to have been chosen to serve the members of Sumter City Credit Union and excited to share with them our family-helping-family approach to banking,” he said in the release.
Sumter City Credit Union has been in operation since 1964 and has roughly 800 members. SAFE, established in 1955, has more than 126,000 members.
