WJC Federal Credit Union in Damascus, Va., will merge into Truliant Federal Credit Union in Raleigh, N.C., according to a press release Friday.
The merger has been approved by federal regulators and both institutions’ boards of directors, though a WJC member vote must take place before the deal can be closed.
The former WJC members will have access more digital banking tools after the merger, along with a wider variety of products and services and an extensive ATM network. The deal also helps expand Truliant’s footprint in the market, adding to the two locations the $3.2 billion-asset credit union already has in southwest Virginia.
Truliant’s membership eligibility will expand to five additional counties as part of the deal, four in Virginia and one in Tennessee. All WJC members and its branch are expected to be incorporated into Truliant sometime in the first half of the year.
“We’re excited to welcome WJC members into the Truliant family. We celebrate the cooperative spirit and share the same commitment to our members and the respective communities we each have been serving for decades,” Truliant President and CEO Todd Hall said in the press release. “By working closely with WJC on a smooth transition, members will have options for easier account access, more services and improved technology.”
WJC opened its doors in 1982 to serve employees of Columbus McKinnon, and today holds $5.3 million in assets and serves about 1,000 members. It lost more than $180,000 during the first three quarters of the year, compared with losses of just under $27,000 during the same period of 2019.
