Credit Union Merger: Generations And Self-Help
If you are one of the 9,000 members of Generations Community Credit Union, you have likely already received a letter that reads, “In order to ensure that our members have the best financial solutions during these challenging economic times and in the future, our board of directors approved a merger with Self-Help Credit Union.”
Cheryl Cherry is the Executive Vice President at Generations: “So we’ve been just encouraging the members to hang in there with us and not get antsy, but to understand that we’re now part of an organization that has their best interest at heart," said Cherry.
Because of the economic downturn and regulatory guidelines, Generations hasn't been able to offer customers new home mortgage loans since 2009.
Cherry says the merger is a win-win. Because of the economic downturn and regulatory guidelines, Generations hasn’t been able to offer customers new home mortgage loans since 2009.
“That was a big part of our portfolio some years ago, mortgage loans, and we’ve had requests over the years. You know people checking back in, like, hey, you doing mortgage loans again, we’re trying to support your guys," said Cherry.
Randy Chambers is President of Self-Help Credit Union.: “They wanted to have mortgage loans and business loans, and Self Help is big enough, that we have offered that for many years," said Chambers.
Preserving a legacy
Chambers says the merger will increase the services offered at Generations and preserve its legacy -- African American and rural.
“It’s very exciting news, because some of the credit unions that make- up Generations are really credit unions that Self-Help was modeled after," said Chambers.
Like St. Luke Credit Union in Bertie County. Generations Community Credit Union was formed in 2002 and is made up of 10 small credit unions that merged to preserve their history.
The Generations/Self-Help merger will put all these credit unions under the Self-Help umbrella with 20 total branches and $650 million in deposits.
There are more than 80 credit unions across the state. State Employees' Credit Union is the largest with more than $27 billion in assets.