SC Telco Federal Credit Union and Anderson Federal Credit Union Announce Merger Approval

 

For more information, contact:
Jessica Baker (864) 232-5588
Robert Wilson (864) 225-1254

 

ANDERSON & GREENVILLE, SC – Anderson Federal Credit Union (AFCU) and SC Telco Federal Credit Union announced today that members overwhelmingly voted in favor of the proposed merger agreement set forth in late June. Upon merger completion in early 2021, the new entity will be comprised of over 59,000 members, $525 million in assets, and 10 banking locations throughout the Upstate and Midlands. The Headquarters of the combined institutions will remain in Greenville, South Carolina, and Brian McKay will continue to serve as President and CEO.

To honor the legacy of each organization and capture the hopeful optimism of the bright future ahead, the combined organizations will operate under a new name, Spero Financial.

“With over 150 collective years of helping South Carolinians improve their financial lives, it’s only fitting that our new name should have its origin in our home state’s most recognizable symbol – the Great Seal of South Carolina,” said Brian McKay, SC Telco President and CEO. “There, we read the Latin motto ‘Dum Spiro Spero’ meaning ‘While I breathe, I hope.’ Spero means hope – a word that’s deeply rooted in our unchanging mission and cooperative spirit of people helping people.”

The name Spero Financial features additional significance. Pronounced ‘sparrow’ the new name brings to mind images of the industrious bird that is small in stature but agile, vigilant, and highly adaptable – characteristics that align with the organization’s commitment of providing innovative and dynamic financial solutions and service to its members. The bird is also individually resilient but finds strength in numbers – yet another perfect representation of the cooperative spirit that sets the credit union apart.

McKay shared, “By reflecting on the richness of our history, staying true to the hopefulness of our mission, and holding fast to the commitment of helping our communities soar, Spero Financial captures who we’ve been, who we are, and who we’re becoming.”

The new logo and other brand elements will be unveiled publicly as SC Telco begins transitioning to the new name later this year. AFCU locations will follow suit upon the merger completion in early 2021.

 



About Anderson Federal

Anderson Federal Credit Union was chartered in 1953 as a not-for-profit financial cooperative, and today has over 13,000 members and $106 million in assets. Headquartered in Anderson, South Carolina, the credit union has three locations throughout the Anderson community. Learn more at andfcu.com.

About SC Telco
SC Telco Federal Credit Union was chartered in 1935 as a not-for-profit financial cooperative, and today has over 46,000 members and $425 million in assets. Headquartered in Greenville, South Carolina, the credit union’s footprint spans the Upstate and Midlands of South Carolina with branches in Greenville, Taylors, Easley, Spartanburg, and Columbia. Learn more at sctelco.com.

 


 

AFCU members, please reference sctelco.com/welcomeafcu for FAQs pertaining to the upcoming transition.

 

SC Telco Member | FAQ

How was the name selected?
We begin the process by conducting a market survey to determine how our name was perceived in the marketplace. Based on these findings, we worked with a national branding agency to determine our brand pillars – the characteristics that the new name should encompass. These included:

  • Our Unchanging Mission and Core Values
  • History and Stability
  • Growth and Forward Thinking
  • Community Impact

The name Spero Financial was selected as it perfectly aligns with these characteristics. Spero, a word derived from the Great Seal of South Carolina, means ‘hope’ reflecting our mission and core values. Pronounced ‘sparrow’, the name is a physical representation of the unique characteristics of the bird, which finds power in cooperation and strength in community. The bird is agile, adaptable, and a productive planner – qualities that reflect our commitment to providing innovative and dynamic financial solutions to our members.

Why is ‘Federal Credit Union’ not included in the new name?
Technically, it is! Our legal name will be Spero Financial Federal Credit Union, but for ease, we will shorten it to Spero Financial for public usage. You will continue to see “credit union” used throughout our marketing materials, communications, and website. Being a credit union is at the core of our identity – it’s who we’ve been, who we are, and who we will continue to be!

When will the name change be complete?
We will officially become Spero Financial on November 9, 2020. While you’ll see many exciting updates on this day, the full transition to the new name will take some time. Branch signage, online/mobile banking, credit and debit cards, and some communications will take a bit longer to transition. In the meantime, you will continue to see the SC Telco name and logo. AFCU will follow suit upon merger completion in early 2021.

Will my account information and access be affected?
No, your accounts, funds, and digital banking access will not be affected. Routing, checking, member, and account numbers will remain the same.

Can I continue to use my checks and debit/credit card?
Yes! You can continue to use your current checks, deposit slips, and debit/credit card as you do today. New Spero Financial checks will be issued when checks are ordered after November 9. New Spero Financial debit/credit cards will be issued on or before your SC Telco card(s) expiration date.

 

 

Bethani Williams

Marketing Director

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