The $29 million, 3,040-member 1st Patriots FederalCredit Union in Rock Hill, S.C., merged with the $112 million,13,374-member ArrowPointe Federal Credit Union in Catawba, S.C., onApril 1.
|“We are very pleased to add the two of 1st PatriotsFCU locations to our five existing branches and we look forward tooffering members access to a combined total of 12 ATM locations inYork and Lancaster counties,” said Tim Lyda, CEO/president ofArrowPointe FCU.
|“The future looks very bright due to this merger,” saidDiane Catoe, CEO/president of 1st Patriots FCU. “Ibelieve our members will be delighted with this partnership move toArrowPointe.”
|1st Patriots FCU was founded Nov. 17, 1954, as theCelriver FCU to provide financial services for employees at theformer Celanese Corp. plant in Rock Hill. The credit union operatedin the plant until 1966 when it opened its first branch across thestreet from the company.
The NCUA granted the credit union its community charter in 2000. Itchanged its name to 1st Patriots FCU, and opened itssecond branch in Fort Mill in 2009.
But like many small credit unions, 1st Patriots FCUhas been struggling to compete and survive over the past few years.From 2009 to 2012, the credit union lost more than $670,000.Although its net worth was 22%, the credit union's ROAA was -0.33%in December 2012, according to NCUA financial performancereports.
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