Self-Help Credit Union in Durham N.C. is set to absorb Turbine FCU in Greenville, S.C., having received approval from both institutions’ boards and regulators at the federal and state level.
Turbine was chartered in 1976 as Greenville Gas Turbine Employees FCU and served General Electric employees in the city. It rebranded in 2015 with an eye toward future growth, but membership remains largely unchanged since then, dropping about 3% since December 2014 to 3,247 members at the close of Q3 2019, according to call report data. Assets in that same period rose 4%, from $23.2 million to $24.7 million as of Sept. 30, 2019.
Jackie Mondora, vice chairman of the board at Turbine FCU, said in a statement that both institutions share a mission-driven philosophy to not just help members but improve the wider communities they serve.
“Working together we will be able to not only ensure members have access to the best financial services but also strengthen the services provided to the entire Greenville community,” added Mondora.
Self-Help President Randy Chambers said the partnership will “preserve wealth and build financial stability for more working families” while building on “Turbine’s long legacy in Greenville.”
Turbine FCU posted $269,000 in net income through the first three quarters of 2019, according to call report data, up substantially from $106,000 it earned during the same period last year.
