CHARLESTON, S.C.–A credit union serving African-Americans here is exploring an expansion of its partnerships with local churches.
Community Owned Credit Union here is currently partnered with one African Methodist Episcopal church, but it is in discussions with others, COFCU CEO Perrin Middleton told the Charleston Chronicle.
Middleton told the publication he is encouraged that the South Carolina District AME convention is slated to be held later this month in North Charleston, which will provide an opportunity for African-American-owned banking institutions in the state to meet with individual church officials.
In addition to Ebenezer AME Church, C.O. Federal Credit Union has been fully engaged in financial collaborations with Royal Missionary Baptist Church in North Charleston, said Middleton who joined the credit union earlier this year, the Charleston Chronicle reported. Part of his agenda is to invite all local church congregations to make the credit union their preferred financial institution serving the churches and individual members, he said.
Merger Being Discussed
That task soon will be made easier as the credit union implements more up-to-date services such as online banking, credit card, mobile, business banking and automated services, according to the Chronicle. The credit union is also in discussions regarding a proposed merger with Charleston County Teachers FCU.
Community Owned FCU has $2.5-million in assets.