WINSTON-SALEM, N.C.–Allegacy Federal Credit Union announced it has reached 150,000 members, a first in the CU’s 52-year history.
Allegacy President and CEO Cathy Pace attributed the achievement to a commitment to excellent member service, member satisfaction and its history of investing in the communities it serves. Pace expects the membership number to increase as Allegacy opens a financial institution in High Point, N.C. in the Fall, its 17th location.
“We have long been a financial alternative to traditional banking and while membership may have been limited in the early days of credit unions, consumers are now seeing that a credit union membership is more attainable than ever,” said Pace, who in 2013 became the credit union’s 5thCEO. “Allegacy is honored to be born and bred here in Winston-Salem. Our broad membership base now includes employees, retirees and families of over 1,800 companies throughout the country. We value that history and because we are owned by our members, we will never lose sight of who we serve.”
Founded in 1967 as Reynolds Carolina Credit Union and housed in a makeshift office in the R.J. Reynolds building, it served only RJR employees. The credit union borrowed $50,000 from Reynolds tobacco to start the credit union, and initially with two employees, started making loans in the amounts of $100 with one signatory and $200 with two signatories. Within six weeks the credit union grew to 7,000 members.
Allegacy said its growth has also enabled it to increase employment to nearly 400 employees, and in January raise its minimum wage for entry level member service representatives to $15.25 per hour, placing Allegacy at the top of pay for entry level financial employees in our community. It has also opened six new Triad locations in the past five years, with a seventh, the High Point location, opening later this year.
“We are poised to continue the successful growth Allegacy has experienced in recent years due to recent significant changes in the local financial market,” said Pace. “Our passion for our hometown communities and our people is strong and at the forefront of everything we do. We will continue to dedicate ourselves to helping our members be their best, giving back and investing dollars into the communities where our member-owners live and work, just as we have done for nearly 52 years.”