Anderson Federal Credit Union in South Carolina has agreed to merge into SC Telco Federal Credit Union in Greenville, S.C.
The combined entity will operate under a new name, according to a joint press release from the credit unions on Tuesday. The new name was not announced in the press release.
The merger will expand the $400 million-asset SC Telco’s branch network from seven to 10. The headquarters of the combined institution will remain in Greenville. Brian McKay, who
“The board of directors and I believe this proposed partnership is a perfect representation of the cooperative spirit of credit unions and brings with it, tremendous opportunity for our members, our employees and ultimately, our communities,” McKay said in the press release.
The deal is expected to close in early 2021. The National Credit Union Administration approved the merger, according to Jessica Baker, senior vice president of business transformation at SC Telco. The deal still needs to be approved by the members of Anderson FCU.
All of SC Telco’s branches will remain open and all staff will be retained after the merger, according to a frequently asked questions section on SC Telco’s website.
The $106 million-asset Anderson FCU lost over $61,000 in the first quarter, compared with earning about $146,000 for the same period a year earlier, according to call report data from NCUA.
