LANCASTER, S.C.–Two South Carolina credit unions have announced plans to merge into what would be $3-billion credit union.
The $180-million ArrowPointe FCU in Catawba, S.C., has announced plans to merge into the $2.95-billion Founders FCU pending a member vote. If approved, the merger would be completed by the end of 2021, the CUs said.
All ArrowPointe FCU branches are expected to be retained as Founders FCU and no layoffs are anticipated.
The new company would remain named Founders Federal Credit Union, said the CEOs of both companies.
Founders Federal Credit Union President and CEO, Bruce Brumfield said in a statement his commitment to making the merger as easy and seamless as possible for ArrowPointe members and employees.
“We already share many common bonds with ArrowPointe and we believe this will be a positive experience for everyone,” said Founders FCU President and CEO Bruce Brumfield. “We look forward to serving ArrowPointe members and providing them with the same personal service along with strengthened financial offerings.”
‘Additional Tools’
Added Tim Lyda, CEO of ArrowPointe, “By joining Founders, our members will experience the same excellent service with additional resources and financial tools.”
Founders was created in 1950 in Fort Mill to serve employees of the Springs textile mills. ArrowPointe was chartered in 1960. The combined CU would have approximately 243,000 members.
A date for the vote on the merger has not been announced.