North Carolina Credit Unions Complete Merger
The $4 million United Chemi-Con Manufacturing Employees Credit Union in Lansing, N.C., completed its merger Sunday with the $147 million Summit Credit Union in Greensboro, N.C., Summit CU said in a prepared statement.
As an affiliated cooperative with Summit CU, United Chemi-Con Manufacturing Employees CU will be allowed to retain its brand identity.
Serving 442 members, United Chemi-Con Manufacturing Employees CU opened in 1961 to provide financial services to employees of United Chemi-Con in Lansing, N.C., and Barker Microfarads in Hillsville, Va.
Using Summit CU’s affiliate program, United Chemi-Con Manufacturing Employees CU members will be able to access Summit CU’s products and services. United Chemi-Con Manufacturing Employees Credit Union also will be allowed to participate in the operation and direction of the credit union in an advisory capacity, according to Summit CU.
“Our (affiliate) program combines the familiarity members of small credit unions appreciate with the convenience and advantage of doing business with a large institution.” said Sam Whitehurst, Summit CU’s president/CEO.
Like many tiny cooperatives, United Chemi-Con Manufacturing Employees CU has had financial challenges with declining loan, fee and investment income over the past five years, according to NCUA financial performance reports.
From 2009 to 2012, the credit union posted a total net income loss of more than $72,000. United Chemi-Con Manufacturing Employees CU also recorded a net income loss of more than $9,000 at the end of this year’s third quarter, NCUA financial performance reports show.
Chartered in 1935, Summit CU operates six branches and serves more than 24,000 members who work at about 180 companies.