The $5.4 billion Truliant Federal Credit Union and the $387 million Piedmont Advantage Credit Union, both based in Winston Salem, N.C., announced Wednesday they have signed a definitive agreement to consolidate by 2027.
If the proposed merger is approved by members and regulators, the combined entity will manage more than $5.8 billion in assets with 1,100 employees, 41 branches and more than 361,000 members.
Few, if any, layoffs are expected as part of this combination, the credit unions said in a statement.
Truliant President/CEO Todd Hall will lead the combined credit union. Piedmont Advantage President/CEO Dion Williams will assist with the transition and remain involved until it is complete.
Williams said the merger is a proactive strategic decision that will leverage the strengths of both credit unions.
"We recognize an opportunity to deliver more to our members, employees and communities," he said. "They will continue to receive the same level of attention they count on."
Hall noted both credit unions share the same values and commitment to the community and do what's right for members.
"This is an opportunity to build on what both organizations already do so well," he said. "By bringing our teams together, we can expand our impact and deliver even more meaningful value for the members we serve each day."
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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