The Anderson Federal Credit Union (AFCU) and SC Telco Federal Credit Union announced on Friday, Aug. 21, that their members have voted “overwhelmingly” in favor of the proposed merger agreement released in June.
When the merger is completed in 2021, the merged institution will have 59,000 members, $525 million in assets and 10 banking locations throughout the Upstate and Midlands, according to a release. The entity’s headquarters will remain in Greenville.
Brian McKay, SC Telco Federal Credit Union’s president and CEO, will continue in his role at the new entity.
The merged organization will operate under the name Spero Financial in honor of each of the companies. The word spero (pronounced sparrow) is Latin for “hope.”
“With over 150 collective years of helping South Carolinians improve their financial lives, it’s only fitting that our new name should have its origin in our home state’s most recognizable symbol — the Great Seal of South Carolina,” said McKay in a release. “There, we read the Latin motto ‘Dum Spiro Spero’ meaning ‘While I breathe, I hope.’ Spero means hope — a word that’s deeply rooted in our unchanging mission and cooperative spirit of people helping people.
“By reflecting on the richness of our history, staying true to the hopefulness of our mission, and holding fast to the commitment of helping our communities soar, Spero Financial captures who we’ve been, who we are, and who we’re becoming,” McKay added.
Spero Financial’s logo and other brand elements will be unveiled later this year.