While credit unions and banks always spin their merger announcement as good news, a North Carolina credit union has spun the bad news about bank mergers into a new marketing strategy to increase awareness about the credit union difference and to convert bank customers into members.
The $2.1 billion Truliant Credit Union in Winston-Salem, N.C., officially announced in June that it has no plans to merge ever, unlike many community banks within its market area.
"It seemed like over the last couple years we've seen a lot of mergers, but then all of the sudden recently, it's been one [bank merger] announcement after another [bank merger] announcement," Karen DeSalvo, chief marketing officer for Truliant, said.
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