The $221 million PiedmontAdvantage Credit Union of Winston-Salem, N.C., said it willacquire the financially troubled $7.9 million East Coast CreditUnion in Wilmington, N.C., on Nov. 30.
|East Coast Credit Union operates one branch in Wilmington andserves 2,179 members throughout six coastal counties of NorthCarolina. Since 2008, its assets have declined from $9.9 million to$7.9 million, according to NCUA financial performance reports. Thecredit union also has posted net income losses totaling $827,981from 2008 to Sept. 30, NCUA financial performance reports show.
|The acquisition gives Piedmont Advantage CU a presence in theWilmington and southeastern North Carolina market. It said it nowserves 41,275 members in more than 8,000 zip codes across thenation. Its assets have grown from $208 million in 2008 to $221million in September 2012, show NCUA financial performance reports.During the same time period, the credit union's net income hasincreased from $366,636 to more than $1 million.
|Members of the former East Coast Credit Union will continue tobe able to transact business at the East Coast Credit Union branchand will have access to nine Piedmont Advantage Credit Unionbranches, ATMs and other services.
|“The two organizations share a common vision of enhancing thelives of members through customized and caring financialsolutions,” said John Cowan, East Coast CU board chair. “Thispartnership will expand and enhance our offerings and fulfill thatpromise to our members.”
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