GREENVILLE, S.C.–A credit union that was just four years old has merged. CommunityWorks FCU said it is merging into Self-Help Credit Union in Durham, N.C.
Chartered in 2014, CommunityWorks Federal Credit Union, which had nearly 1,500 members, reported it had made some 765 loans totaling more than $4 million, according to a released statement. The credit union was organized by CommunityWorks, a nonprofit community loan fund in Greenville to provide financial services to people of modest means that are considered unbanked and under banked.
But in looking to move forward, CommunityWorks FCU Chairman John Malone said, “Research demonstrated it would take over a decade to raise enough funds to offer mortgage loans.”
“The board decided that we would look at strategic partners that could help us get there faster,” Malone said in a statement. “When Self-Help Credit Union made the offer to combine efforts, our board felt that they are the best strategic partner we could bring to the community.”
“The combined strengths of CommunityWorks and Self-Help will bring real depth to the Greenville area,” added Martin Eakes, CEO of the $1.1-billion Self-Help, in a statement. “This merger will bring additional products and services to CWFCU’s members, while retaining the passion for service that made the organization so unique.”