Winston-Salem-based Truliant Federal Credit Union has unveiled a new ad campaign as it tries to capitalize on bank consolidations sweeping Charlotte and other parts of the state.
Truliant, which has 14 branches in the Charlotte metropolitan area, kicked off the campaign this weekend following a flurry of bank deals announced in recent months. Those include Charlotte-based Capital Bank Financial Corp.’s plans to be acquired by Memphis, Tenn.-based First Horizon National Corp., and Charlotte-based Park Sterling Bank’s plans to merge with South State Corp. of Columbia, S.C.
“Unlike banks, we have no plans to merge. Because we put members before profits,” reads a Truliant ad that began running last weekend in the Greensboro News & Record. “When your bank merges and merges, it’s hard to know what it stands for.”
This spring has been an especially busy time for bank consolidations in North Carolina.
In other deals, Asheville Savings Bank announced last month it is being acquired by Southern Pines, N.C.-based First Bank. In April, Raleigh’s Paragon Commercial Bank announced plans to be acquired by Suffolk, Va.-based TowneBank.
For Charlotte, the Park Sterling and Capital Bank deals, both set to close by the fourth quarter, add to the loss of banks headquartered in the city. Following those deals, Charlotte will be base to only three banks – Bank of America, NewDominion Bank and Carolina Premier Bank – if no new banks are established here.
The disappearance of Charlotte-headquartered banks, especially Wachovia in a 2008 purchase by San Francisco-based Wells Fargo, has added up to Charlotte no longer holding the title of second-largest U.S. banking center by assets, the Observer reported last week. Charlotte now ranks third, behind San Francisco.
Truliant, which is hoping customers split away from merging banks and join the credit union, said its marketing push will include billboards, online advertising, direct mail and newspaper ads throughout the state.
The campaign will run for about a month.