Anderson and Greenville-based credit unions merge

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Anderson Federal Credit Union and Greenville’s SC Telco Federal Credit Union have agreed to combine $500 million in assets in a merger announced June 30.

The two credit unions have 10 banking locations throughout the Upstate and Midlands and a total of 60,000 members, according to a news release. Anderson Federal Credit Union has three locations in Anderson County, while SC Telco’s seven branches are located across Greenville, Spartanburg, Pickens and Richland counties.

“I couldn’t be more excited about this merger,” Brian McKay, CEO of SC Telco, said in the release. “With very similar cultures and values, we will only be stronger together. The board of directors and I believe this proposed partnership is a perfect representation of the cooperative spirit of credit unions and brings with it tremendous opportunity for our members, our employees and ultimately, our communities.”

If approved by the Anderson Federal Credit Union’s members, the merger could be completed in early 2021, the release said. The combined credit union will retain SC Telco Federal Credit Union’s headquarters in Greenville under McKay’s leadership as president and CEO.

“The proposed merger will be a partnership built upon the cornerstones of putting our members first and a shared devotion to impact the communities we serve,” Robert Wilson, CEO of Anderson Federal Credit Union, said in the release. “In the end, our members will enjoy ownership in a credit union that is stronger and more resilient, a vibrant financial cooperative better able to help them soar financially.”