DURHAM, N.C. – Self-Help CU yesterday announced it has agreed to acquire Carolina Family FCU, its second deal for a North Carolina credit union this year and sixth overall.
Self-Help’s California affiliate, Self-Help FCU, has acquired four California credit unions over the past two years to create a $150 million west coast CDCU. Self-Help CU, the nation’s leading CDCU, has grown to more than $500 million in assets and reported a first quarter loss of $1.1 million.
The two credit unions are sponsored by the Community for Self-Help, which also operates the Self-Help Ventures Fund and the consumer advocacy Center for Responsible Lending.
“Our mission has been to provide our members with a financially sound organization with quality financial products and services. We believe that by merging with Self-Help Credit Union we are reinforcing that mission,” said Brinda Turnage, president of Carolina Family.
As with the other North Carolina deals, Kinston-based Carolina Family has had diminishing financial results in recent years, with assets declining to $10 million from almost $18 million, and losses in each of the past two years.
Carolina Family, chartered in 1975 as Dupont K.P. Employees FCU, becomes the sixth credit union in the state to operate as a division of Self-Help. The others are: Choice FCU, Cape Fear CU, Scotland Community CU, Wilson Community CU and Carolina Mountain CU.
