Anderson Federal, SC Telco Announce Proposed Credit Union Merger
Jun 30, 2020 12:49PM
By David Dykes
By David Dykes
Anderson Federal Credit Union and SC Telco Federal Credit Union have agreed to a merger that would create a combined organization of over 60,000 members, $500 million in assets, and 10 banking locations throughout the Upstate and Midlands, the financial institutions announced.
The organizations have a combined history of over 150 years in the Upstate and Midlands.
“I couldn’t be more excited about this merger,” said SC Telco CEO Brian McKay. “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.”
Anderson Federal CEO Robert Wilson said, “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. 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.”
As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon Anderson Federal member approval.
If approved, the entities will become one in early 2021. The combined institutions' headquarters will remain in Greenville, and McKay will continue as president and CEO.
SC Telco officials said Anderson Federal will convert to SC Telco, all locations would remain open and all staff retained.
The officials also said the combined credit union will operate under a new name, which hasn't been disclosed.
As a member-owned cooperative, Anderson Federal is scheduled to hold a member vote on Tuesday, August 11 to approve the merger.
Anderson Federal was chartered in 1953 as a not-for-profit financial cooperative, and has over 13,000 members and $106 million in assets. Headquartered in Anderson, the credit union has three locations throughout the Anderson community.
SC Telco was chartered in 1935 as a not-for-profit financial cooperative, and has over 58,000 members and $400 million in assets.
Headquartered in Greenville, the credit union’s footprint spans the Upstate and Midlands of South Carolina with branches in Greenville, Taylors, Easley, Spartanburg, and Columbia.