Summit in North Carolina Solicits 'Affiliate' CU Mergers
Summit Credit Union of North Carolina, which has long experience in operating multiple credit unions, said this week it is taking its expertise to new levels by "reaching out to small credit unions" across the state to allow name and structure retention.
In marketing its "affiliate merger" venture to small CUs which want to retain identities, the $117 million CU in Greensboro said its program "combines the familiarity members of small credit unions appreciate with the convenience and advantages of doing business with a larger institution."
This week, it said its newest affiliate, the $6 million Forsyth County Employees' CU in Winston-Salem, merged last November will see the opening of a new branch on Tuesday with a grand opening on May 22.
"The new branch will offer the same conveniences Summit prides itself on, but one important and very comforting element won't be changing at the new branch location-the FCECU staff," noted Sam Whitehurst, president/CEO of Summit.
Summit CU needs economies of scale just like everyone else, said Whitehurst, "but if another credit union would like to partner with Summit CU using the affiliate program we are happy to talk with them."