Winston-Salem-based Truliant Federal Credit Union on Tuesday said it’s ramping up its presence in the Charlotte area, adding 10 branches and 120 jobs by the end of 2016.
The $11 million expansion, which includes four branches that already have opened since October, will give Truliant 14 locations in the Charlotte area. The move comes as some banks, including Charlotte-based Bank of America, are scaling back their branch networks.
Marc Schaefer, president and CEO of Truliant, said the new locations will be “welcoming” and offer electronic lending technology that allows members to do transactions on mobile devices and tablets using free Wi-Fi. The locations also will have smart ATMs that handle multidenominational amounts and accept deposits without envelopes.
“These locations are purposely designed to feel more like a Starbucks than the cold … banking branch we’re accustomed to,” Schaefer said at an announcement at Mint Museum Uptown.
Truliant has 27 financial centers in North Carolina, South Carolina and Virginia and serves more than 190,000 members. It has operated in Charlotte since 1986.
The credit union said new 2,200-square-foot branches will be located in the Mallard Creek, Ballantyne, Waverly, South Boulevard and Cornelius areas of Mecklenburg County. A free-standing 3,800-square-foot center in Huntersville will open in mid-2015.
Schaefer heralded the smaller, personal nature of credit unions as a key to the company’s success. A credit union, a nonprofit financial cooperative, allows members to borrow money from pooled deposits at low interest rates.
“Because we are a co-op, we are only successful when our members are achieving their financial goals,” Schaefer said.
Truliant, Schaefer said, avoided the predatory lending practices that have spurred losses for many big banks and weathered the financial crisis “in good form.”
“Doing good and doing well are not mutually exclusive,” he said.
Charlotte Chamber CEO Bob Morgan, in a statement, praised Truliant’s expansion.
“Their increased commitment,” he said, “is a testimony to the economic growth in our community, and their services will benefit many residents in Mecklenburg County.”