The Anderson Federal Credit Union and SC Telco Federal Credit Union have proposed a merger, the financial institutions announced on Tuesday, June 30. If approved, the merger would result in the combined group having more than 60,000 members, $500 million in assets and 10 banking locations across the Upstate and the Midlands.
Both organizations have an extensive history in South Carolina with more than 150 years working in the state. The merged entities will have a new name, according to a release.
“I couldn’t be more excited about this merger,” said SC Telco CEO Brian McKay. “With very similar cultures and values, we will only be stronger together. The board of directors and I believe this proposed partnership is a perfect representation of the cooperative spirit of credit unions and brings with it tremendous opportunity for our members, our employees and ultimately our communities.”
The sentiment was shared by Anderson Federal Credit Union’s CEO Robert Wilson.
“The proposed merger will be a partnership built upon the cornerstones of putting our members first and a shared devotion to impact the communities we serve,” he said. “In the end, our members will enjoy ownership in a credit union that is stronger and more resilient — a vibrant financial cooperative better able to help them soar financially.”
Locations and staff will remain the same, according to an email SC Telco sent to members.
The full merger will depend on the approval of Anderson Federal Credit Union members with a vote on the merger scheduled for Aug. 11. The merged entities will form in 2021 if it’s approved.
The organization’s headquarters will remain in Greenville, and McKay will stay on as its president and CEO, according to the organizations.