SC Telco and Anderson Federal Credit Union Announce Merger Approval and New Name
Anderson Federal Credit Union (AFCU) and SC Telco Federal Credit Union announced today that members overwhelmingly voted in favor of the proposed merger agreement set forth in late June. Upon merger completion in early 2021, the new entity will be comprised of over 59,000 members, $525 million in assets, and 10 banking locations throughout the Upstate and Midlands. The Headquarters of the combined institutions will remain in Greenville, South Carolina, and Brian McKay will continue to serve as President and CEO.
To honor the legacy of each organization and capture the hopeful optimism of the bright future ahead, the combined organizations will operate under a new name, Spero Financial.
“With over 150 collective years of helping South Carolinians improve their financial lives, it’s only fitting that our new name should have its origin in our home state’s most recognizable symbol – the Great Seal of South Carolina,” said Brian McKay, SC Telco President and CEO. “There, we read the Latin motto ‘Dum Spiro Spero’ meaning ‘While I breathe, I hope.’ Spero means hope – a word that’s deeply rooted in our unchanging mission and cooperative spirit of people helping people.”
The name Spero Financial features additional significance. Pronounced ‘sparrow’ the new name brings to mind images of the industrious bird that is small in stature but agile, vigilant, and highly adaptable – characteristics that align with the organization’s commitment of providing innovative and dynamic financial solutions and service to its members. The bird is also individually resilient but finds strength in numbers – yet another perfect representation of the cooperative spirit that sets the credit union apart.
McKay shared, “By reflecting on the richness of our history, staying true to the hopefulness of our mission, and holding fast to the commitment of helping our communities soar, Spero Financial captures who we’ve been, who we are, and who we’re becoming.”
The new logo and other brand elements will be unveiled publicly as SC Telco begins transitioning to the new name later this year. AFCU locations will follow suit upon the merger completion in early 2021.