Two North Carolina credit unions are merging in a move that underscores the growing trend of consolidation in the financial industry. Durham-based Self-Help Credit Union, one of the largest credit unions in the state, is absorbing Winston-Salem Federal Credit Union, a smaller institution with a strong local presence.
This merger brings together nearly 90,000 Self-Help members and $1.8 billion in assets with Winston-Salem FCU’s 8,800 members and $60 million in assets. The merger aims to expand services, improve financial accessibility, and strengthen support for underserved communities across the region.
Details of the Merger
Self-Help Credit Union is nationally recognized for its focus on promoting affordable housing, creating economic opportunities, and supporting underserved groups, including people of color and immigrants. By joining forces with Winston-Salem FCU, the institution will extend its reach and resources.
“With our combined strengths in products, services, personnel, and technology, we can better serve our communities,” said Randy Chambers, president of Self-Help Credit Union. “This partnership will help build financial security for more working families and ensure that people of color, immigrants, and other underserved groups have access to fair and affordable services to meet their financial needs.”
John Jameson, president and CEO of Winston-Salem FCU, emphasized the benefits to members. “Our members will benefit immensely from the enhanced services and additional product offerings that Self-Help brings, such as a greater focus on mortgages as well as competitive deposit rates and a strong ATM network,” he stated.
The Bigger Picture: Credit Union Consolidation
This merger reflects a broader trend in the credit union industry. According to data from the National Credit Union Administration (NCUA), credit unions across the U.S. are consolidating at an accelerating pace. Factors such as increased regulatory requirements, the need for advanced technology, and competition from larger financial institutions are driving smaller credit unions to seek partnerships with larger organizations.
In 2023 alone, more than 150 credit unions nationwide merged, a number that has steadily grown over the past decade. While mergers can bring increased resources and services for members, critics warn that they may also reduce local autonomy and lead to the loss of smaller, community-focused financial institutions.
Impact on Members and Communities
For members of Winston-Salem FCU, the merger is expected to provide access to an expanded range of products and services, including mortgages, small business loans, and financial literacy programs. Additionally, the combined institution will have a stronger ATM network and enhanced technology platforms.
Self-Help’s history of advocating for economic equity and affordable housing suggests that the merger could bring new opportunities for marginalized communities in Winston-Salem and surrounding areas. However, some members may feel uncertain about transitioning to a larger institution.
Looking Ahead
As Self-Help Credit Union integrates Winston-Salem FCU into its operations, it will be worth watching how the merger impacts member satisfaction, financial accessibility, and community outreach. The Bull City Citizen will continue to follow this story and provide updates on the merger’s progress and outcomes.
For more insights into how this merger fits into the broader landscape of financial services in North Carolina, stay tuned to the Bull City Citizen. Pick up our latest issue or visit us online to stay informed about local news and developments that affect our community.
