Self-Help Federal Credit Union’s branch in Columbia, S.C., on Monday. It is one of four branches in the state spun off to it from its state-chartered sister credit union Sept. 1.
Self-Help Credit Union has shifted its four South Carolina branches over to its sister organization with a federal charter.
The three branches in Greenville and one in Columbia were spun off to Self-Help Federal Credit Union ($2.3 billion in assets, 130,040 members) on Sept. 1 after approvals by members of both Durham, N.C.-based organizations. It said it plans to open a branch in Summerville near Charleston by year’s end.
In a Sept. 2 news release, Self-Help CU said having a federal charter “allows the credit union to not only broaden its area of reach in the state, but also enhance member services and accomplish its long-term growth strategy.”
Kerri Smith, regional president for Self-Help in South Carolina, told CU Times Monday that South Carolina laws prevent state-chartered credit unions from opening, moving, closing or buying property for a branch without approval from the state’s regulator for financial institutions.
“The state law was too restrictive,” she said.
In the news release, she said the change “positions us to grow in South Carolina, expand access to our products and services, and ensure that we remain a strong, competitive financial partner for our members in the Palmetto State.”
NCUA data as of March 31 showed Self-Help CU had 38 branches and other locations, all in the Southeast and most in North Carolina.
Self-Help FCU had 39 offices with only its headquarters in the Southeast as of March 31. Most of its branches were on the West Coast (23 in California and five in Washington), eight were in the Chicago area and two were in Milwaukee, Wis.
Contact Jim DuPlessis at JDuPlessis@cutimes.com.
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