North Carolina Acquisition: Piedmont Advantage CU Takes Over East Coast CU
The $221 million Piedmont Advantage Credit Union of Winston-Salem, N.C., said it will acquire the financially troubled $7.9 million East Coast Credit Union in Wilmington, N.C., on Nov. 30.
East Coast Credit Union operates one branch in Wilmington and serves 2,179 members throughout six coastal counties of North Carolina. Since 2008, its assets have declined from $9.9 million to $7.9 million, according to NCUA financial performance reports. The credit union also has posted net income losses totaling $827,981 from 2008 to Sept. 30, NCUA financial performance reports show.