Truliant Federal Credit Union

Last updated
Truliant Federal Credit Union
Company type Credit Union
Industry Financial Institution
Founded1952 [1]
Headquarters Winston-Salem, North Carolina, United States
Number of locations
34 branches
Area served
North Carolina, South Carolina, Virginia
Key people
ProductsConsumer banking, business lending
Decrease2.svg US$30.8 million (2023)
Total assets Increase2.svgUS$5.17 billion (2023)
Members332,190 [2]
Capital ratio 12% Risk-based capital ratio (2023)
Website www.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 December 2023, Truliant has 332,190 members and $5.17 billion in assets. [2]

Contents

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] [4] 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] [5]

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, [6] claiming the expansion violated the 1934 Federal Credit Union Act, which states members of a credit union must have a “common bond.” [7] The U.S. Court of Appeals agreed, ruling against AT&T Family Credit Union in October 1996. [6] 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. [8] 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. [9]

In 1999, the credit union changed its name to Truliant. [4] Truliant merged with Victory Masonic Credit Union, a historically African-American credit union in North Carolina, in 2004. [10]

Todd Hall was named president and CEO of Truliant in January 2020. [4]

Related Research Articles

<span class="mw-page-title-main">Winston-Salem, North Carolina</span> City in North Carolina, United States

Winston-Salem is a city in and the county seat of Forsyth County, North Carolina, United States. At the 2020 census, the population was 249,545, making it the fifth-most populous city in North Carolina and the 91st-most populous city in the United States. The population of the Winston-Salem metropolitan area was estimated to be 695,630 in 2023. It is the second-most populous city in North Carolina's Piedmont Triad region, home to about 1.7 million residents.

<span class="mw-page-title-main">SunTrust Banks</span> Former American bank

SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the ninth-largest bank, with $514 billion in assets.

<span class="mw-page-title-main">First Horizon Bank</span> American financial services company

First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.

<span class="mw-page-title-main">First Union</span> Defunct banking company

First Union Corporation was a bank holding company that provided commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services and private equity through First Union Capital Partners, and through other subsidiaries.

<span class="mw-page-title-main">Hanesbrands</span> American clothing company

Hanesbrands Inc. is an American multinational clothing company based in Winston-Salem, North Carolina. It employs 65,300 people internationally. On September 6, 2006, the company and several brands were spun off by the Sara Lee Corporation.

<span class="mw-page-title-main">Dale Folwell</span> American politician (born 1958)

Dale Robbins Folwell is an American politician who served as the North Carolina State Treasurer from 2017 to 2025. A Republican from Winston-Salem, North Carolina, Folwell spent four terms in North Carolina House of Representatives, including a term as speaker pro tempore from 2011 to 2013. He was head of the state's Division of Employment Security in the administration of Governor Pat McCrory from 2013 to 2015. He was elected State Treasurer in the 2016 election, taking office on January 1, 2017. Folwell was reelected to a second term in 2020, defeating Democratic challenger Ronnie Chatterji. In 2024 he mounted an unsuccessful campaign to be elected governor.

<span class="mw-page-title-main">Rockford, North Carolina</span> Unincorporated community in North Carolina, US

Rockford is an unincorporated community and former town in southern Surry County, North Carolina, United States.

FNB Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of July 17, 2024, FNB has total assets of nearly $48 billion. FNB's market coverage spans several major metropolitan areas, including Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad in North Carolina; and Charleston, South Carolina, with approximately 350 offices. The company has approximately 4,200 employees.

<span class="mw-page-title-main">Two Wells Fargo Center</span> Skyscraper in Charlotte, North Carolina

Two Wells Fargo Center is a 433-foot (132 m) high rise in Charlotte, North Carolina. Completed in 1971. It is currently the 14th tallest building in Charlotte. The building consists of 32 floors, an atrium, plaza, seven-story parking garage, and is connected to neighboring buildings via skybridges, as part of the Overstreet Mall.

<span class="mw-page-title-main">Winston Tower</span> Historic building in North Carolina, USA

The Winston Tower is a 410 ft tall skyscraper in Winston-Salem, Forsyth County, North Carolina, completed in 1966 with 29 floors. It was the tallest building in North Carolina, succeeding the Reynolds Building in Winston-Salem, until it was passed by Charlotte's Jefferson First Union Tower in 1971.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

<span class="mw-page-title-main">United Community Bank</span> Bank holding company

United Community Banks, Inc. is an American bank. United is one of the largest full-service financial institutions in the Southeast, with $27.3 billion in assets, and 203 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

The Credit Union Membership Access Act is an Act for the United States government that amended the Federal Credit Union Act in 1998. The bill was proposed on the heels of the Supreme Court decision in NCUA v. First National Bank & Trust against the National Credit Union Administration, a key victory in the American Bankers Association's legislative agenda and a major setback to credit unions. The Act reversed this ruling, authorizing credit unions to have multiple common bonds among their memberships.

Kelly S. King was the Executive Chairman of Truist Financial, formerly BB&T Corporation.

National Bank of Commerce was an American bank headquartered in Memphis, Tennessee, until it was taken over by SunTrust Banks in 2005.

Salal Credit Union is a NCUA-insured credit union headquartered in Seattle, Washington. It is the 20th largest credit union in Washington with assets totaling $656.18 million and providing banking services to more than 40,000 members.

<span class="mw-page-title-main">BB&T</span> BB&T merged with SunTrust Banks to form Truist Financial

BB&T Corporation was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge with Atlanta-based SunTrust Banks to form Truist Financial, which retains BB&T's stock price history and operates under BB&T's charter.

<span class="mw-page-title-main">Latino Community Credit Union</span> Credit union in the US

The Latino Community Credit Union (LCCU) is located in Durham, North Carolina. The LCCU was established in 2000 in Downtown Durham, North Carolina. It became the first Latino credit union in North Carolina and is currently the only Latino Credit Union in the state. Today, it has over 90,000 members and 15 locations across North Carolina.

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 "NCUA Form 5300 (Statement of Financial Condition)". National Credit Union Administration. December 2023. Retrieved 2024-01-12.
  3. ↑ Evans, Matt (18 Aug 2014). "New Truliant branches stretch credit union's reach". Triad Business Journal. Retrieved 11 April 2022.
  4. 1 2 3 DuPlessis, Jim (15 November 2019). "Truliant Sues Banks to Step Off its Trademarks". Credit Union Times. Retrieved 14 April 2022.
  5. ↑ Shea, John (23 Oct 1996). "The Giant Credit Union At Front Line of Industry's Legal Battle with the Banks Series". American Banker.
  6. 1 2 "Bank Industry Wins Court Battle Against Credit Unions". Reuters. 29 October 1996. Retrieved 14 April 2022.
  7. ↑ Crenshaw, Albert (1 September 1996). "Banks Win A Court Victory Limiting Credit Union Rivals". Washington Post. Retrieved 14 April 2022.
  8. ↑ Greenhouse, Linda (26 February 1998). "Credit Unions Lose to Banks In High Court". The New York Times. Retrieved 14 April 2022.
  9. ↑ "Credit unions celebrate congressional victory - Puget Sound Business Journal". Puget Sound Business Journal. Retrieved 2015-10-31.
  10. ↑ "Victory Masonic Mutual CU, Historic Black-owned Community CU, Merges With Truliant FCU in Unique Arrangement". January 7, 2004. Retrieved 2015-10-31.

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.