GREENVILLE, S.C.–Two South Carolina Credit Unions have announced plans to merge. The $98-million Anderson FCU and the $390-million SC Telco FCU have proposed the combination.
If approved, the combined credit union would have more than 60,000 members and 10 branches across the Upstate and Midlands regions of the Palmetto State.
The two credit unions said they plan to announce a new name as part of the merger. Members of Anderson FCU are to vote on the merger proposal on Aug. 11.
“I couldn’t be more excited about this merger,” said SC Telco CEO Brian McKay in a statement. “With very similar cultures and values, we will only be stronger together. The board of directors and I believe this proposed partnership is a perfect representation of the cooperative spirit of credit unions and brings with it tremendous opportunity for our members, our employees and ultimately our communities.”
Plans call for McKay to be CEO of the merged institution. In an email to SC Telco staff, the credit unions said no layoffs or branch closures are planned.
“The proposed merger will be a partnership built upon the cornerstones of putting our members first and a shared devotion to impact the communities we serve,” said AFCU CEO Robert Wilson. “In the end, our members will enjoy ownership in a credit union that is stronger and more resilient — a vibrant financial cooperative better able to help them soar financially.”