The $10 million AgFirst FCU has merged into the $76 million Carolina Collegiate FCU. Both credit unions are based in Columbia, S.C.
"Over the past 18 months, our management team along with the board of directors had many great discussions on how to best continue serving the needs of the AgFirst members," said Herbie Meetze, former CEO of AgFirst FCU. “It was during this time that we found support and counsel from the leadership at Carolina Collegiate Federal Credit Union.
“After much consideration from the AgFirst Federal Credit Union management and board of directors, a unanimous decision was reached to enter into merger negotiations with the leadership at Carolina Collegiate Federal.”
The merger, which became effective Jan. 1, was approved by AgFirst’s 1,548 members in late December, according to a joint statement released Wednesday. Carolina Collegiate FCU serves the University of South Carolina and about 13,500 members nationwide.
The former AgFirst FCU is now operating as AgFederal Credit Union, a division of Carolina Collegiate. The merger has been approved by the NCUA, Carolina Collegiate said.