Truliant Federal Credit Union

Last updated
Truliant Federal Credit Union
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
Membersover 280,000 [2]
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 September 2021, Truliant has more than 280,000 members and $3.6 billion in assets. [2] [4]

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] [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]

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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.

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