In case you missed it: We’re happy to announce two new additions to the Self-Help Credit Union family, both located in South Carolina. Welcome to Palmetto Trust Federal Credit Union located in Columbia, and also to CommunityWorks Federal Credit Union in Greenville. Palmetto Trust Federal officially joined us on September 1. CommunityWorks followed on October 1.
These mergers represent Self-Help’s first direct presence in South Carolina. We’re excited to pick up the work that these credit unions have started and expand financial services in the communities they serve.
Palmetto Trust Federal
Palmetto Trust Federal started in 1953, serving local federal employees in a diverse, growing community. Today the credit union serves over 2,200 members from two locations. It has $16 million in deposits and more than $8 million in loans.
Since 1980, Palmetto Trust has been led by Lucile Beckwith, who has extensive experience in the credit union industry. She and the rest of Palmetto’s leadership are enthusiastic about joining the Self-Help family, and we’re happy to have the benefit of their expertise. During our transition period in the coming months, Palmetto Trust will operate under the name “Palmetto Trust, a division of Self-Help CU.”
CommunityWorks Federal Credit Union (CWFCU), a $3.4 million credit union, was chartered in 2014 to provide financial services to people of modest means in Greenville, South Carolina who are unbanked and under-banked. CWFCU was organized by CommunityWorks, a leading non-profit community loan fund based in Greenville focused on affordable housing, financial stability and small business lending.
Deborah McKetty, the CEO of CommunityWorks and CWFCU, has been a champion of affordable housing and financial services in the Greenville area. She said, “We launched the credit union as an alternative to predatory lending in our community. The products CWFCU provides allow members to build credit and achieve important financial milestones like homeownership.”
After four years, the credit union now serves nearly 1,500 members and has made 765 loans totaling over $4 million. Families have saved over $1.5 million in high interest by avoiding high costs predatory loans.
The leaders of both Palmetto Trust and CWFCU were seeking a strategic partner to help make it feasible to expand product offerings, including home loans. We appreciate their vote of confidence in Self-Help’s ability to strengthen fair and affordable lending to their members, and we’re delighted to expand our services in South Carolina!