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Business
DOCO completes credit union merger
Thursday, July 17, 2008 10:43 AM EDT
DOCO Regional Federal Credit Union president & CEO Barry O. Heape, recently announced the completion of the merger of Southern Traditions Credit Union with DOCU Regional FCU.
Southern Traditions, with $41,901,817 in assets was headquartered in Toccoa. DOCO Regional FCU previously had $85,501,647 in assets and is headquartered in Albany.
“The future is very exciting for DOCO Regional Federal Credit Union. The merger of the two credit unions was a collaborative effort, which has ultimately created a stronger, better credit union with many more
opportunities for the entire membership,” Heape said.
DOCO Regional FCU is now the largest credit union headquartered in south Georgia with approximately 100 employees and 11 branch offices located in two states serving more than 34,000 members.
DOCO Regional FCU has experienced a steady and healthy trend of growth over the past five years, climbing 58 percent in membership and 63 percent in assets prior to the merger “ strong indicators that more and more people are realizing the benefits of belonging to a credit union. The growth has enabled DOCO Regional FCU to update many of its products, services, facilities and even operational systems to better serve its growing, more diverse membership while at the same time maintain competitive loan and deposit rates.
“The biggest challenge we face today in the north Georgia market,” said Heape, “is the community recognizing Southern Traditions Credit Union as now being DOCO Regional Federal Credit Union, a local financial institution.”
Heape also said that friendly, convenient service options would continue to be a strong focus, and all six of the former Southern Traditions Credit Union (STCU) offices located in Pelham, Toccoa, Eastanollee, Andrews, N.C.; Brevard, N.C.; and Marion, N.C., will remain operational.
DOCO Regional FCU also operates two offices in Albany, an office in Americus, an office in Lee County and an office in Tifton.
Originally, the former STCU was chartered in 1940 as a credit union for employees of Toccoa Thread Mill and through the years primarily served employees of the textile industry.
In recent years, however, STCU was challenged with a shrinking field of membership due to a substantial loss of jobs in the textile industry.
In June 2007, STCU closed the doors of its Albany branch office, and at that time first partnered with DOCO Regional FCU to ensure its Albany members would continue to have access to credit union services.
As a result of that partnership DOCO Regional FCU and STCU built a very close working relationship, and began realizing the many similarities between the two credit
unions in terms of products, services and philosophy.
The former board of directors of STCU made the landmark decision in early 2008 to merge with
another credit union in a conscious effort to strengthen the financial benefits for its membership as well as ensure a bright future for its credit union members. STCU thoroughly investigated numerous credit
unions and ultimately chose DOCO Regional FCU as its preferred merger partner.
When the merger opportunity was proposed at STCU’s annual meeting on March 15, its members overwhelmingly voted in favor of merging with DOCO Regional FCU.
The merger was official as of May 1, 2008, and all database conversions are now complete. For the time being, STCU is operating under the name “Southern Traditions Credit Union” as a division of DOCO Regional FCU.
DOCO Regional FCU is well-positioned, both financially and strategically, to experience continued growth and opportunity to fulfill its mission of providing the highest level of excellence in financial services and education aimed at improving its members’ financial well-being.
Some of the most noticeable effects of the merger for former STCU members are access to additional products and services such as high-yield Money Market Accounts, low-rate credit card options, Fresh Start Checking, free Life Savings Insurance, free Identity Theft resolution services, youth savings programs and financial planning/counseling and investment options. DOCO Regional FCU members also now have access to a larger network of surcharge-free ATMs.
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