SUMTER, S.C.– Members of Sumter City Credit Union have voted in favor of merging into SAFE Federal Credit Union.
The vote took place during a special membership meeting by the $3.1-million Sumter City CU, which has approximately 754 members. SAFE FCU has $1.5-billion in assets. The vote came after an official agreement to merge was announced in October of 2021.
In its disclosure statement filed with NCUA related to the merger, Sumter City said the merger provides its members with more robust financial institution products, including health savings accounts, checking accounts, instant issued debit cards, mortgage loans and credit cards. In addition, the credit union said its members will have access to their accounts through online and mobile banking as well as other electronic options.
How Each CU Has Performed
In its Sept. 30, 2021 call report, Sumter City CU reported net income of $2,315 and net worth of 13.01%. SAFE FCU reported net income of $8.77 million and net worth of 9.87% as of the same date.
SCCU said there are no plans for any capital distribution to members or any merger-related payouts to management.
“We’re excited to welcome our neighbors at Sumter City Credit Union to the SAFE family,” said President and CEO Michael Baker. “We’re honored they’ve voted to combine our organizations and look forward to showing them all the benefits SAFE membership has to offer.”
SCCU’s Liberty Street branch in Sumter, S.C. will join SAFE’s branch network once the merger formally closes on Feb. 1, the credit union said.