GREENSBORO, N.C. — Summit Credit Union announced it has absorbed United Chemi-Con Manufacturing Employees CU as part of its credit union affiliate program.
The merger will become effective on Dec. 1, with United Chemi-Con maintaining its brand identity as part of Summit's affiliate program. United Chemi-Con currently has fewer than 500 members and about $4 million in assets.
Summit's President and CEO Sam Whitehurst said in a statement that the affiliate program enables merged credit unions to take better advantage of economies of scale, along with gathering important statistical data and maintaining brand identity.
"Our program combines the familiarity the members of small credit unions appreciate with the convenience and advantage of doing business with a large institution," he said.
According to its most recent Call Report, United Chemi-Con has lost nearly $10,000 so far in 2013. It currently has 96 loans on the books totaling about $250,000, mostly concentrated in unsecured lines of credit and new and used auto loans.
Summit CU has more than $153 million in assets and more than 24,000 members throughout North Carolina.
