South Carolina Credit Unions Merge
The $29 million, 3,040-member 1st Patriots Federal Credit Union in Rock Hill, S.C., merged with the $112 million, 13,374-member ArrowPointe Federal Credit Union in Catawba, S.C., on April 1.
“We are very pleased to add the two of 1st Patriots FCU locations to our five existing branches and we look forward to offering members access to a combined total of 12 ATM locations in York and Lancaster counties,” said Tim Lyda, CEO/president of ArrowPointe FCU.
“The future looks very bright due to this merger,” said Diane Catoe, CEO/president of 1st Patriots FCU. “I believe our members will be delighted with this partnership move to ArrowPointe.”
1st Patriots FCU was founded Nov. 17, 1954, as the Celriver FCU to provide financial services for employees at the former Celanese Corp. plant in Rock Hill. The credit union operated in the plant until 1966 when it opened its first branch across the street from the company.
The NCUA granted the credit union its community charter in 2000. It changed its name to 1st Patriots FCU, and opened its second branch in Fort Mill in 2009.
But like many small credit unions, 1st Patriots FCU has 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 performance reports.