ALBANY, Ga. – DOCO Regional FCU said it has completed the merger of ailing Traditions FCU, creating the largest credit union in south Georgia, with $125 million in assets.
Traditions, which had been hard hit by the problems in the American textile industry, its core member base, wracked up a $3 million loss last year – most of it attributed to a failed subprime auto loan program. Losses for the first quarter were $335,000.
Traditions, known until last year as Southern Traditions, was chartered in 1940 as a credit union for employees of Toccoa Thread Mill and through the years primarily served employees of the textile industry. However, in recent years the now $41 million credit union was hurt by a shrinking field of membership due to the job losses in the industry.
The merger gives DOCO Regional 11 branches and about 34,000 members.
