Founders, ArrowPointe credit unions with almost 250,000 members propose merger
Two South Carolina credit unions with decades of history in York, Chester and Lancaster counties would become one company under a proposed merger, officials said.
Founders Federal Credit Union would merge with ArrowPointe Federal Credit Union under the plan, according to a statement from both companies.
The anticipated merger is expected to be complete by the end of 2021, according to the statement.
The companies together have almost a quarter-million customers.
If approved by their members, ArrowPointe FCU will be part of Founders Federal Credit Union, bringing Founders’ assets to more than $3 billion, officials said. All ArrowPointe FCU offices are expected to be retained as Founders Federal Credit Union offices and ArrowPointe employees also will make the move to Founders, the companies announced.
The new company would remain named Founders Federal Credit Union, said the CEOs of both companies.
Founders Federal Credit Union President and CEO, Bruce Brumfield said in a statement his commitment to making the merger as easy and seamless as possible for ArrowPointe members and employees.
“We already share many common bonds with ArrowPointe and we believe this will be a positive experience for everyone. We look forward to serving ArrowPointe members and providing them with the same personal service along with strengthened financial offerings, Brumfield said.
Founders has about 222,000 members. ArrowPointe has about 19,000 members.
“By joining Founders, our members will experience the same excellent service with additional resources and financial tools,” said Tim Lyda, CEO of ArrowPointe.
Founders was created in 1950 in Fort Mill to serve employees of the Springs textile mills, company officials said.
ArrowPointe was created in 1960, according to the release.
ArrowPointe has notified its members of the proposed merger, the statement said.
It has not been announced when ArrowPointe members will vote on the plan.
Check back for updates on this developing story.
