Contacts: David Beck at 919-956-4495 or david.beck@self-help.org; Armeer Kenchen at (919) 687-0840 or akenchen@gencomcu.org
Durham, NC — Generations Community Credit Union and Self-Help Credit Union are pleased to announce that their credit unions have merged, effective April 1, 2014. Leaders of both credit unions view this as a logical move to capitalize on their organizational strengths and to expand their impact in both Durham and Eastern North Carolina communities.
Generations, with $20 million in assets and 9,000 members, is headquartered at 123 W. Main Street in Durham. Generations was formed in 2002 and over the last decade merged together ten North Carolina credit unions in order to create more efficiencies of scale while retaining those credit unions’ shared commitment to their communities. Generations has successfully preserved the rich histories of these credit unions serving predominantly African-American communities.
The existing Generations branches (in Durham, Roanoke Rapids, Washington and Windsor) will become branches of Self-Help Credit Union. Generations members also will gain access to an additional 16 Self-Help Credit Union branches across North Carolina.
“Generations was formed to ensure that members of our predecessor credit unions continued to have access to responsible financial products and to expand the services that their credit union provides,” said Generations CEO Armeer Kenchen. “Merging with Self-Help will dramatically expand the financial services available to our members while ensuring that the history and mission of each of these institutions continues to be paramount. I’m excited by the new opportunities this merger will provide our members.”
Most of the ten credit unions that formed Generations were created at a time when African-Americans were denied access to most financial institutions. Leaders in each community took the initiative to found a local credit union, providing families a safe place to put their money and to provide access to fairly priced loan capital so critical to ensuring families and communities have opportunity to build wealth.
“We modeled Self-Help Credit Union based on the paths that these credit unions have blazed over the last 80 years,” said Self-Help co-founder and CEO Martin Eakes. “The everyday contributions that each of these financial institutions has made to their members and communities over the generations are incalculable and are an inspiration to Self-Help. I am humbled and honored that Self-Help now has the opportunity to help continue the legacy of these institutions and to ensure these members continue to have access to fair and affordable financial services.”
With the planned integration of operations in summer 2014, members of both credit unions will benefit from the expanded choice of branch locations and products, such as mortgages, small business lending and mobile banking services.
Self-Help Credit Union offers a full range of financial products and services in addition to financing personal, vehicle, mortgage and business loans, and dynamic online and mobile banking system. For more information on how to join go to www.self-help.org.
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About Generations Credit Union Generations Community Credit Union
(http://gencomcu.org), formed in 2002, is the aggregations of ten small North Carolina credit unions that merged in order to preserve their rich histories and protect their legacies within the communities they serve. Currently headquartered in Durham, NC, Generations serves over 9,000 members primarily in underserved communities in rural North Carolina. Generations has branches in Durham, Roanoke Rapids, Washington and Windsor.
About Self-Help Credit Union
Self-Help Credit Union (www.self-help.org) is part of the Self-Help family of organizations headquartered in Durham. Founded in 1980, Self-Help’s combined affiliates have provided more than $6 billion in financing to nearly 75,000 families, individuals and businesses underserved by traditional financial institutions. It strengthens communities by financing hundreds of homebuyers each year, as well as nonprofits, child care centers, community health facilities, public charter schools, and residential and commercial real estate projects. Through its two credit unions Self-Help serves over 113,000 families in North Carolina, California and Chicago and offers a full range of financial products and services. With completion of this merger, Self-Help Credit Union now serves over 59,000 members in North Carolina through 20 retail branches.