WINSTON-SALEM, N.C. — Members of Piedmont Advantage Credit Union, which posted a loss at mid-year, have approved a proposed merger with Truliant Federal Credit Union, clearing the way for the two Winston-Salem-based credit unions to legally combine Sept. 1.
The member vote was finalized during a special meeting Aug. 25 and follows regulatory approvals received in June, according to Piedmont Advantage.
The combined credit union will have about $6 billion in assets, serve more than 355,000 members and operate more than 40 locations under the Truliant name and charter, Piedmont Advantage said.
Todd Hall, Truliant’s president and CEO, will lead the combined organization.
“We are excited to welcome Piedmont Advantage members to Truliant and to build on the trust they have placed in this partnership,” Hall said in a statement. “As we bring our organizations together, members will gain greater convenience and expanded products, while we strengthen our ability to invest in the communities we serve,” Hall said. “Our focus is on making this transition clear, steady and member centered.”
Red Numbers
As the CU Daily reported here, Piedmont Advantage CU posted a $929.796 loss at mid-year, with net worth of 8.55%. Truliant FCU had $32.2 million in net income and net worth of 10.56% as of the same date.
Merger-Related Compensation
Four members of the Piedmont Advantage management team are to be paid merger-related compensation, including:
- Dion Williams, president and CEO, who is to receive two years of salary as severance under his existing executive employment agreement, totaling $726,016.20.
- Jeanette Stark, EVP, chief legal officer and general counsel, who will be eligible for a retention bonus of up to $185,454 to be paid in equal increments should she remain employed with the combined CU as of Sept. 1, 2026, Jan. 1, 2027, and March 30, 2027, respectively.
- Robert Payne, chief technology officer, who will be eligible for a retention bonus of up to $115,688 to be paid in equal increments should he remain employed with the combined credit union as of Sept. 1, 2026, Jan. 1, 2027, and March 30, 2027, respectively.
- Kimberly Adkins, SVP-marketing and growth strategy, who will be eligible for a retention bonus of up to $103,198 to be paid in equal increments should she remain employed with the combined CU as of Sept. 1, 2026, Jan. 1, 2027, and March 30, 2027, respectively.
Temporary Division
According to Piedmont Advantage, which serves nearly 28,000 members in central North Carolina, it will temporarily operate as a division of Truliant while the organizations work to complete operational and systems integration by the end of the first quarter of 2027.
Once the organizations are integrated, Piedmont Advantage members will have access to Truliant’s larger branch network and broader range of products and services, as well as its presence across North Carolina, South Carolina and Virginia, the credit union said in a statement.
‘Clear Sense of Purpose’
“This has been a people-first partnership from day one, grounded in shared values and a clear sense of purpose,” PACU CEO Dion Williams said in a statement.
Williams said the member vote “reflects deep trust in our shared future, ensuring the local relationships and community focus we’ve built over 77 years only grow stronger under Truliant.”
