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

 

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

 

ANDERSON & GREENVILLE, SC (June 30, 2020) – Anderson Federal Credit Union (AFCU) and SC Telco Federal Credit Union have agreed upon a merger that would bring the combined organization to a total of over 60,000 members, $500 million in assets, and 10 banking locations throughout the Upstate and Midlands.

The organizations have a combined history of over 150 years serving Upstate and Midland families. To honor the strong legacy of each organization, as well as their commitment to an even brighter future, the merged entities will operate under a new name.

“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.”

AFCU CEO Robert Wilson shared, “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 (NCUA), full merger approval will be contingent upon AFCU member approval. If approved, the entities will become one in early 2021. The Headquarters of the combined institutions will remain in Greenville, South Carolina, and Brian McKay will continue to serve as President and CEO.

 



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 58,000 members and $400 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.

 


 

FAQs for SC Telco Members

What would happen to the branches and staff?
All locations would remain open and all staff retained. We would simply operate under a new name and brand to better serve you. This means you would still receive the same great service at all branches and from the same familiar faces. Plus, you would benefit from having three additional, convenient banking locations in Anderson, SC.

What would this mean for my accounts?
You do not need to do a thing! Anderson Federal Credit Union will be converting to SC Telco. This means your accounts should not be impacted at all.

Why is this a unique opportunity, and why now?
While formally a merger, it is a true partnership where two credit unions that share similar cultures and vision bring different strengths to the table to improve the financial lives of their members. These kinds of opportunities rarely come along and positions us well for the future and will make our credit union even stronger. Together, the combined credit unions will operate under a new name to honor each legacy and signify the importance of our joined forces.

What are the next steps?
As a member-owned cooperative, Anderson Federal Credit Union will conduct a member vote to approve the proposed merger on Tuesday, August 11. If approved, the merger completion date is tentatively scheduled for early 2021. We will update you each step of the way.

 

 

Bethani Williams

Marketing Director

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