Summit Credit Union, headquartered in Greensboro, NC, has announced the merger of The News and Observer Credit Union in Raleigh, NC, under its credit union affiliate program. The merger will be effective December 1, 2011.
Using its affiliate program, Summit Credit Union allows any merging credit union access to the full benefits of Summit Credit Union while maintaining its prior identity. Merged credit unions may also participate in the operation and direction of the credit union in an advisory capacity. “The News and Observer Credit Union’s board was determined to keep their heritage and name in place,” said Sam Whitehurst, Summit’s President/CEO. “They are very proud of what they have accomplished in their 76-year history.”
Affiliated credit unions can maintain a strong brand identity through branded ATMs and logos, gather important statistical data, and take advantage of a greater economy of scale. “Our program combines the familiarity members of small credit unions appreciate with the convenience and advantage of doing business with a large institution.”