Durham, NC — Winston-Salem Federal Credit Union (Winston-Salem FCU) and Self-Help Credit Union (Self-Help) announced their intent to merge effective January 1, 2025. Winston-Salem FCU primarily serves employees of the City of Winston-Salem, NC. The credit union has 8,800 members and $60 million in assets. Self-Help has 89,000 members served out of 37 branches in Florida, Georgia, North Carolina, South Carolina, and Virginia, with $1.8 billion in assets.
The merger was approved by Winston-Salem Federal Credit Union members and the boards of directors of both credit unions. Winton-Salem operates one branch, located at 711 East Salem Avenue, in Winston-Salem, NC. Winston-Salem’s focus and commitment to members will remain unchanged.
“The decision to partner with Self-Help Credit Union was clear,” said, John Jameson, President and Chief Executive Officer, Winston-Salem FCU. “Our missions are so closely aligned that it is a natural fit. Our members will benefit immensely from the enhanced services and additional product offerings that Self-Help brings, such as a greater focus on mortgages as well as competitive deposit rates and a strong ATM network, just to name a few.”
“Our board and members are excited to join forces together with Self-Help Credit Union,” said Kevin Lyons, Chairman of Winston-Salem FCU. “This is a match made in heaven to find such a mission-aligned partner here in North Carolina to continue our 70-year tradition of service”.
Self-Help is part of a family of member-owned, mission-driven credit unions, a non-profit loan fund, and a policy advocacy organization. Self-Help is dedicated to creating and protecting ownership and economic opportunities, particularly for minorities, women, rural residents, and low-wealth families and communities. Self-Help Credit Union was chartered in 1983 to build a network of branches that partner with working families and communities often underserved by the financial marketplace.
Like Winston-Salem, Self-Help has a strong presence among working-class families. Winston-Salem FCU and Self-Help anticipate a core system conversion in late 2025. Post-merger, the combined credit union will have over 100,000 members served out of:
• 8 branches in Florida
• 24 in North Carolina
• 4 in South Carolina
• 1 in Virginia
• 1 in Georgia
“With our combined strengths in products, services, personnel, and technology, we can better serve our communities,” states Randy Chambers, President, Self-Help Credit Union. “This partnership will help build financial security for more working families and ensure that people of color, immigrants and other underserved groups have access to fair and affordable services to meet their financial needs.”
“We are honored to welcome Winston-Salem Federal Credit Union into the Self-Help family and look forward to building meaningful relationships with our new members and providing new opportunities to the surrounding communities,” Chambers adds.
About Winston-Salem Federal Credit Union:
Winston-Salem Federal Credit Union was incorporated in October 1957 by City of Winston-Salem employees with a vision to enrich and empower the lives of its members. The Credit Union ended that year with 94 members and $2,980 in assets. It was founded with a mission to be the members' primary financial institution by providing reliable, comprehensive, courteous and prompt services that promote the financial well-being of members, recognizing their individual needs.
About Self-Help Credit Union:
Self-Help Credit Union was chartered in 1983 to build a network of branches that partner with working families and communities often underserved by the financial marketplace. With over $1.8 billion in assets and serving more than 89,000 members in 37 branches – eight in Florida, one in Georgia, 23 in North Carolina, four in South Carolina, and one in Virginia— Self-Help Credit Union is one of the fastest-growing community development financial institutions in the country. It is part of the Self-Help family of nonprofit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For over 40 years, the national Center for Community Self-Help and its affiliates have provided more than $11 billion in financing to help more than 168,000 borrowers buy homes, start and grow businesses and strengthen community resources. For more information, visit www.self-help.org.
Jenny Shields, Director of Media Relations, Self-Help Credit Union | Direct Line: 919.794.6798 | Cell: 919.584.4379 | Email: Jenny.Shields@self-help.org