GREENSBORO, N.C.–Summit Credit Union said it has merged in Oxford Credit Union under its credit union affiliate program.
The $16.5-million Oxford CU has approximately 2,500 members.
Under its affiliate program, Summit Credit Union allows any merging credit union access to its full menu of product and service solutions, while the merged CU continues to maintain its prior identity. As an affiliate, Oxford Credit Union will continue to operate under the same name, in the same location, and with the same employees.
Affiliated credit unions can maintain a strong brand identity through branded ATMs and logos, gather important statistical data, and take advantage of a greater economy of scale, according to Summit CU.
“Credit Unions can maintain their heritage,” said Sam Whitehurst, Summit’s president/CEO.
Merged credit union boards may also participate in the operation and direction of the credit union in an advisory capacity.
Chartered in 1935, Summit Credit Union has assets of $180 million and approximately 27,000 members.