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Truliant Federal Credit Union

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Truliant Federal Credit Union
Company 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
Decrease US$30.8 million (2023)
Total assetsIncrease US$5.17 billion (2023)
Members332,190[2]
Capital ratio12% Risk-based capital ratio (2023)
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 December 2023, Truliant has 332,190 members and $5.17 billion in assets.[2]

History

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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]

References

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  1. ^ a b c d e O'Daniel, Adam (24 March 2015). "Truliant to add 10 branches, 120 employees in Charlotte". Charlotte Business Journal. Retrieved 11 April 2022.
  2. ^ a b "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. ^ a b c 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. ^ a b "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.
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