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Credit union announces bank purchase. Credit unions announce merger. (Source: Shutterstock)

Two leading South Carolina credit unions have announced plans to unite under a new brand name in a move they said will help them become more cost efficient and better adapt to changing regulations.

Anderson Federal Credit Union, which has 13,000 members and $106 million in assets, will join with SC Telco Federal Credit Union, which has more than 56,000 members and $380 million in assets. Together, the credit unions will have 150 years of shared history and cover 10 branch locations across the Upstate and Midlands, according to a press release from SC Telco.

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