WINSTON-SALEM, N.C.—Piedmont Advantage CU is set to absorb tiny Hanover FCU, a $6.7 million CU with just one branch.
Hanover had just 1,800 members, and its most recent Call Report showed a loss of $122,000. It had just under $3 million in loans on the books, more than half of which were concentrated in auto lending and unsecured loans.
With the merger, Piedmont will grow to serve nearly 46,000 members and hold nearly $300 million in assets, along with expanding PACU's reach into the Wilmington market where it currently only has one branch location.
Hanover FCU President and CEO James Hurley will retire at the end of November as part of the merger, and the credit union's two employees will continue in their same roles with PACU.
"We are very pleased to welcome Hanover Federal Credit Union's employees and members into the Piedmont Advantage Credit Union Family," said Judy Tharp, president and CEO of Piedmont Advantage CU. "Hanover Federal Credit Union has a long history of high-quality customer service among its members, and we look forward to enhancing their experience with our 'Members Come First' approach to financial services."
Outgoing Hanover CEO Hurley praised PACU's history of member service and said he was proud that Hanover would be "combining operations with a fellow credit union that shares our philosophy of putting our members first."