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Credit unions merge

Staff Report //September 28, 2018//

Credit unions merge

Staff Report //September 28, 2018//

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CommunityWorks Federal Credit Union in Greenville has merged with Self-Help Credit Union, based in Durham, N.C. Details of the merger were not provided, but John Malone, CommunityWorks Federal Credit Union chairman, said “research demonstrated it would take over a decade to raise enough funds to offer mortgage loans,” therefore a partner was necessary.

“The board decided that we would look at strategic partners that could help us get there faster,” Malone said, in a news release. “When Self-Help Credit Union made the offer to combine efforts, our board felt that they are the best strategic partner we could bring to the community.”

Chartered in 2014, CommunityWorks Federal Credit Union serves nearly 1,500 members resulting in 765 loans totaling more than $4 million, the release said. The credit union was organized by CommunityWorks, a nonprofit community loan fund in Greenville to provide financial services to people of modest means that are considered unbanked and under banked.

“The combined strengths of CommunityWorks and Self-Help will bring real depth to the Greenville area,” said Self-Help CEO Martin Eakes, in the release. “This merger will bring additional products and services to CWFCU’s members, while retaining the passion for service that made the organization so unique.”

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