Truliant Federal Credit Union
TypeCredit Union
IndustryFinancial Institution
Founded1952[1]
HeadquartersWinston-Salem, North Carolina, United States
Number of locations
34 branches
Area served
North Carolina, South Carolina, Virginia
Key people
ProductsConsumer banking, business lending
Membersover 280,000[2]
Websitewww.truliantfcu.org

Truliant Federal Credit Union is a nonprofit financial institution based in Winston-Salem, North Carolina.[3] Chartered in 1952, the credit union provides financial guidance and services to members in North Carolina, South Carolina and Virginia.[1] As of September 2021, Truliant has more than 280,000 members and $3.6 billion in assets.[2][4]

History

In 1952, Truliant Federal Credit Union was chartered as the Radio Shops Credit Union to serve employees of Western Electric in Winston-Salem, Greensboro, and Burlington.[1][5] It was renamed North Carolina Works Federal Credit Union, then AT&T Family Federal Credit Union in 1983 with the goal of servicing employees of the telecommunications company.[1][6]

AT&T Family Federal Credit Union expanded its services beginning in 1987 to include employee groups at Krispy Kreme, Polo Ralph Lauren and other companies.[1] The American Bankers Association and five commercial banks sued AT&T Family Federal Credit Union in 1990 for expanding its membership to 150 employee groups nationwide,[7] claiming the expansion violated the 1934 Federal Credit Union Act, which states members of a credit union must have a “common bond.”[8] The U.S. Court of Appeals agreed, ruling against AT&T Family Credit Union in October 1996.[7] The National Credit Union Administration appealed the ruling; it then went to the Supreme Court, which voted 5 to 4 against AT&T Family Credit Union and other regional credit unions, saying it violated the 1934 law.[9] But President Bill Clinton signed a law in 1998 allowing AT&T Family Credit Union and all other credit unions to provide service to multiple groups.[10]

In 1999, the credit union changed its name to Truliant.[5] Truliant merged with Victory Masonic Credit Union, a historically African-American credit union in North Carolina, in 2004.[11]

Todd Hall was named president and CEO of Truliant in January 2020.[5]

As of 2022, Truliant has 34 branches in Virginia, North Carolina and South Carolina and more than 280,000 members.[12][2]

References

  1. 1 2 3 4 5 O'Daniel, Adam (24 March 2015). "Truliant to add 10 branches, 120 employees in Charlotte". Charlotte Business Journal. Retrieved 11 April 2022.
  2. 1 2 3 Craver, Richard (3 March 2022). "Truliant plans to hire more than 100 employees, more than half in Triad". Winston-Salem Journal. Retrieved 14 April 2022.
  3. ↑ Evans, Matt (18 Aug 2014). "New Truliant branches stretch credit union's reach". Triad Business Journal. Retrieved 11 April 2022.
  4. ↑ DuPlessis, Jim (21 December 2021). "Truliant FCU Issues $50 Million Secondary Capital". Credit Union Times. Retrieved 15 April 2022.
  5. 1 2 3 DuPlessis, Jim (15 November 2019). "Truliant Sues Banks to Step Off its Trademarks". Credit Union Times. Retrieved 14 April 2022.
  6. ↑ Shea, John (23 Oct 1996). "The Giant Credit Union At Front Line of Industry's Legal Battle with the Banks Series". American Banker.
  7. 1 2 "Bank Industry Wins Court Battle Against Credit Unions". Reuters. 29 October 1996. Retrieved 14 April 2022.
  8. ↑ Crenshaw, Albert (1 September 1996). "Banks Win A Court Victory Limiting Credit Union Rivals". Washington Post. Retrieved 14 April 2022.
  9. ↑ Greenhouse, Linda (26 February 1998). "Credit Unions Lose to Banks In High Court". The New York Times. Retrieved 14 April 2022.
  10. ↑ "Credit unions celebrate congressional victory - Puget Sound Business Journal". Puget Sound Business Journal. Retrieved 2015-10-31.
  11. ↑ "Victory Masonic Mutual CU, Historic Black-owned Community CU, Merges With Truliant FCU in Unique Arrangement". January 7, 2004. Retrieved 2015-10-31.
  12. ↑ Warfield, Andy (10 March 2022). "Q&A: Truliant's Todd Hall on growth, scaling and when its name will top the Winston Tower". Triad Business Journal. Retrieved 14 April 2022.

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