SC Federal’s merger wave continues
Charleston County Teachers Federal Credit Union has completed its merger into South Carolina Federal in North Charleston.
It was the third merger for the $2.1 billion-asset South Carolina Federal this year. It completed deals with Health Facilities FCU in March and Spartanburg City Employees CU in August.
In a notice to members when the deal was announced, Charleston County Teachers FCU said its board had concluded the merger could help increase efficiencies and operations of scale. The deal will provide enhanced product and service offerings to former members of the teachers’ credit union, including credit and debit cards, online banking and mortgages.
Charleston County Teachers Federal’s main office has closed due to market overlap; SC Federal has 24 locations across the state.
“We have served the Charleston area since 1936 and are proud that we have continued to grow alongside our community,” Scott Woods, president and CEO of South Carolina Federal, said in a press release. “We are thrilled to welcome our friends at Charleston County Teachers Federal Credit Union into the SC Federal family. We look forward to working together on everything from day-to-day transactions to more complex financial needs.”
Charleston County Teachers had just $1.8 million in assets and served fewer than 800 members before the merger, according to data from the National Credit Union Administration. Call reports show it lost more than $13,500 during the first three quarters of 2020, after earning more than $9,000 during the same period last year.