DURHAM, N.C. – Self-Help CU has agreed to acquire Carolina Mountains CU, which will give the well-known community development credit union more than $400 million in assets.
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The $43 million Carolina Mountains CU, based in Penrose, N.C., will continue to operate as a division of Self-Help CU, like three other smaller acquisitions in eastern North Carolina: Cape Fear CU, Scotland Community CU, and Wilson Community CU.
Carolina Mountains is financially healthy, having reported operating net income of $250,000 and 8% net worth after three quarters.
Carolina Mountains, located in western North Carolina, was chartered in 1974 to serve employees of the Brevard Dupont plant and their family members, then converted to a community charter in 2001.
