SUMTER, S.C.–Two credit unions in the Palmetto State have announced plans to merge provided members vote in favor.
The $3-million Sumter City Credit Union said it plans to merge into the $1.475-billion SAFE FCU.
During the merger process, the credit unions reported SAFE Federal Credit Union employees will help assist Sumter City Credit Union employees at the 12 W. Liberty St. location in Sumter.
The merger remains subject to approval by the members of Sumter City Credit Union and is pending regulatory approval.
‘A Natural Fit’
Bobby Galloway, board chair with Sumter City Credit Union, said in a statement the merger will provide members with a more robust product and service offering, but with the same level of support and attention that members, as owners of the credit union, have been accustomed to.
“We think that SAFE Federal Credit Union’s commitment to the Sumter community and forward vision are a natural fit to meet the financial needs of our members,” added Galloway.
Added Michael Baker, president/CEO of SAFE FCU, “We are honored to have been chosen to serve the members of Sumter City Credit Union and excited to share with them our family helping family approach to banking.”
Sumter City Credit Union, which has approximately 800 members, reported a net loss of $1,752 at mid-year. SAFE, which has more than 126,000 members, reported net income of $5 million.