Growth strategies

The deal is intended to better help credit unions and other financial institutions improve digital lending capabilities

The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal.

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

Last year, credit unions surpassed 291 million members in 118 countries.

The number of religiously affiliated credit unions continues to dwindle and many have changed their name as part of a push to diversify their fields of membership.

The Georgia company will add nearly $200 million in assets as part of the acquisition.