Truliant Federal Credit Union

Truliant Federal Credit Union was founded in 1952 in Winston-Salem, North Carolina, to serve the employees of Western Electric.[1] First known as Radio Shops Credit Union, the credit union later became known as AT&T Family Federal Credit Union. In 1999, it changed its name to Truliant Federal Credit Union. As of 2017, Truliant has over 215,000 members and 1,200 businesses and organizations, and 33 locations in central North Carolina, South Carolina and Virginia.[2]

Truliant Federal Credit Union
Credit Union
IndustryFinancial Institution
FoundedJanuary 1, 1952
HeadquartersWinston-Salem, North Carolina, United States
Area served
North Carolina, South Carolina, Virginia
ProductsConsumer banking, business lending
Websitewww.truliantfcu.org

History
Headquarters of Truliant Federal Credit Union, Winston-Salem, NC.

Truliant Federal Credit Union was chartered in 1952 to serve the employees of Western Electric and was known as Radio Shops Credit Union. It began serving about 2,000 members and offered credit union services in Winston-Salem, Greensboro and Burlington.

In 1962, the name was changed to North Carolina Works Credit Union. Membership growth continued and increased to about 14,000 members by the end of the decade. In 1983, the name was changed again, to AT&T Family Federal Credit Union, accompanied by growth in services, with more mortgage loan services, credit cards, and checking accounts offered. By 1988 the credit union had 46,000 members. New branches were added in Virginia and North Carolina and the credit union began growing its presence in Charlotte.

In the early 1990s, new branches were added to accompany membership growth. The credit union launched its first website, and began to offer debit cards and online banking services.

By 2000, with membership at about 163,000, Truliant began opening branches in areas of South Carolina and Virginia.

Truliant's Victory branch in downtown Winston-Salem.

In 2004, the credit union expanded to North Carolina, and Victory Masonic Credit Union, the oldest historically-black credit union in North Carolina, merged with Truliant.[3] In 2007, Truliant's Victory branch opened in a developing area of downtown Winston-Salem, N.C. In 2005, it passed $1 billion in assets[4] and opened its Truliant Way headquarters, where its administrative offices are located today. In 2008, it opened a second location in Greensboro, North Carolina.[5]

More recently, the credit union began an intensive expansion of credit union services, adding a second branch in Burlington and a sixth branch Forsyth County[6] in 2014.

The credit union surpassed 200,000 members and $2 billion in assets in 2016.[7]

On June 17, 2019, Truliant Federal Credit Union filed suit against SunTrust and BB&T claiming trademark infringement over the proposed new name of the merged entity, Truist Financial Corporation. Truliant is concerned about confusion between the similar names, including Truliant products with "Tru" in their names.[8]

Role in Credit Union Membership Access Act (H.R. 1151)

AT&T Family Federal played a key role in a court case that ultimately resulted in the 1998 signing into law [9] of the Credit Union Membership Access Act (H.R. 1151), which expanded credit union membership nationally. H.R. 1151 enabled credit unions to expand their charters [10] to include additional occupational groups and community groups, people who lived, worked, worshiped or attended school in the community, to have access to credit union membership and benefits.

AT&T Family Federal Credit Union then changed its name in 1999 to Truliant Federal Credit Union to reflect this change.

Growth Plans In Charlotte

In 2014, the credit union began adding the first of ten new locations [11] in the Charlotte-Mecklenburg region of North Carolina. The build was complete in Spring 2017, giving Truliant 33 Member Financial Centers. Truliant has opened new branches [12] in Mint Hill, Harrisburg, Cornelius, South Boulevard, Waverly, Steele Creek, Ballantyne, Huntersville, Mallard Creek, and Park Road sections of Charlotte.[13]

Truliant is insured by the National Credit Union Administration (NCUA) and is an equal housing lender.

References
  1. "Company Overview of Truliant Federal Credit Union". Bloomberg. 2018. Retrieved March 18, 2018.
  2. "The Briefcase: Truliant completes Charlotte expansion initiative". Winston-Salem Journal. Retrieved 2017-07-03.
  3. "Victory Masonic Mutual CU, Historic Black-owned Community CU, Merges With Truliant FCU in Unique Arrangement". January 7, 2004. Retrieved 2015-10-31.
  4. Craver, Richard (May 12, 2005). "Truliant Federal Credit Union surpasses $1 billion in assets". Winston-Salem Journal. Retrieved 2009-11-16.
  5. "Truliant Federal Credit Union to open second Greensboro location". News & Record (Greensboro, North Carolina). August 21, 2008. Retrieved 2009-11-16.
  6. "New Truliant branches stretch credit union's reach - Greensboro - Triad Business Journal". Triad Business Journal. Retrieved 2015-10-31.
  7. "Press Releases | Truliant Federal Credit Union". www.truliantfcu.org. Retrieved 2017-07-03.
  8. Trubey, J. Scott (June 19, 2019). "SunTrust and BB&T sued by N.C. credit union over 'Truist' name". Atlanta Journal-Constitution. Retrieved July 2, 2019.
  9. "Credit unions celebrate congressional victory - Puget Sound Business Journal". Puget Sound Business Journal. Retrieved 2015-10-31.
  10. Credit Union National Association, A Tradition Of People Helping People, Anniversary History Highlights. "CUNA ANNIVERSARY HISTORY HIGHLIGHTS" (PDF). Stoneham ME Federal Credit Union.
  11. "Truliant Federal Credit Union to expand in Charlotte - Charlotte Business Journal". Charlotte Business Journal. Retrieved 2015-10-31.
  12. "Press Releases | Truliant Federal Credit Union". www.truliantfcu.org. Retrieved 2015-10-31.
  13. "The Briefcase: Truliant completes Charlotte expansion initiative". Winston-Salem Journal. Retrieved 2017-07-03.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.