GREENVILLE, S.C. – Two South Carolina credit unions said they have completed their merger.
The $11-million St. Francis FCU has merged into the $112.2-million Caro FCU in Columbia, S.C.
As CUToday.info reported here, St. Francis reported $43,562 in net income in the first quarter with net worth of 21.12% (a portion of which it distributed to members). It told members when it was seeking the merger that the combination would be “mutually beneficial and that Caro would be able to provide a “more robust product set.”
St. Francis FCU had served Bon Secours St. Francis Health System since 1966, the and in announcing completion of the merger it said it will be a “ key growth driver to maximize efficiencies and enhance products and delivery channels for members – all while retaining its entire team, programs and services, and existing location.”
Two ‘Great Institutions’
“The merger brings together two great institutions, and we are delighted to join the Caro family,” said former St. Francis CEO Katia Marini-Nunez. “Our plan is to leverage our combined resources—to truly be financial experts for members in the greater Greenville area.”
Located across the street from St. Francis Downtown at 121 Sumner St., the new Greenville branch of Columbia-based Caro is less than five minutes away from the high growth areas of Greenville’s West End Historic District and the Village of West Greenville, the credit union said.
Caro FCU added it also has two locations in Columbia and boasts a straightforward vision of “real solutions for real people.”
Foundation of Integrity
“Both Katia and I have built our credit unions on the foundation of integrity, and that remains a cornerstone,” said Caro CEO Anne Shivers. “This merger is about finding pathways toward helping people in the Upstate with their everyday financial needs and long-range goals.”
Following the merger, Caro has $123 million in total assets and more than 7,800 members.