Truliant, Piedmont Advantage hope bigger is better from proposed merger

Two Winston-Salem-based credit unions with a combined 151 years in business - Truliant Federal and Piedmont Advantage - are counting on bigger being better upon the completion of their merger in early 2027.

The credit union said Wednesday that Truliant president and chief executive Todd Hall would lead the combined credit union. Piedmont Advantage chief executive Dion Williams would assist with the acquisition until it is complete.

Piedmont Advantage was organized in 1949 to serve Piedmont Aviation and Piedmont Airlines employees, while Truliant was founded in 1952.

The credit unions will continue to operate independently until receiving regulatory approval. There is no current impact on services for members.

"Few, if any, layoffs are expected as part of this combination," the credit unions said. "While some roles may evolve as teams align, the focus is on strengthening the organization and growing together.

Piedmont Advantage operates six branches: two in Winston-Salem and one each in Charlotte, Eden, Greensboro and Mooresville. The news release did not mention plans for Piedmont Advantage's headquarters at 3530 Advantage Way near South Stratford Road.

Upon completion of the transaction, Truliant would operate 41 branches overall and serve more than 360,000 members.

"We expect to take a thoughtful look at the combined footprint over the coming months, as is typical in any merger," Truliant said.

Truliant currently ranks at the nation's 79th largest credit union with $5.16 billion in total assets. The combined credit union would have $6 billion in total assets, moving Truliant to 62nd.

Hall spoke with the Journal about the pending acquisition and the benefits for customers of both credit unions. An edited version follows.

Q. Which credit union took the initiative in approaching talks of an acquisition?

In many transactions involving credit unions, the smaller credit union either doesn't have economies of scale to grow and support new technologies, or the larger credit union is trying to fill market gaps?

A. Piedmont Advantage chief executive Dion Williams and I have been engaged professionally for several years and that relationship provided the foundation for conversations between us.

This was driven first by cultural alignment - shared communities, complementary membership and a strong people-first focus - rather than any single factor like technology limitations or trying to fill a market gap.

At a high level, the goal is to serve both the members and the employees by expanding our organizations' capacity to invest in our people, our technology, and our long-term footprint, to better adapt to a rapidly evolving financial services landscape.

More broadly across our industry, scale can matter - particularly as requirements and capabilities evolve.

Smaller institutions may have less capacity to innovate at speed, may need to be more selective about new initiatives, and may have less flexibility to be highly competitive on deposit pricing or to expand lending.

When liquidity is constrained, the ability to fund new loans can be limited.

In the credit union industry, you also see this show up in areas like risk management. For example, some institutions find it difficult to secure cyber insurance if they can't meet certain coverage requirements.

Q. What specifically does Truliant gain from taking over Piedmont Advantage given the overlap in markets?

A. We gain the opportunity to serve the 25,000-plus Piedmont Advantage members and the additional professional contributions from the 90-plus Piedmont Advantage employees.

Along with expanding our physical presence in the Charlotte area, including West Charlotte and Mooresville, and entry into the Eden community.

Q. What do Piedmont Advantage customers gain from becoming Truliant customers?

A. For Piedmont Advantage members, this is about gaining access to a broader suite of Truliant products and services - checking, lending, mortgage and stronger digital engagement - along with the benefits that come with a larger organization's capacity.

Over time, and following the operational conversion, we expect to be better positioned to meet loan demand and offer stronger deposit solutions as everyone operates on a single platform.

Q. Does Truliant have additional expansion aspirations through acquisitions, and if so which markets?

A. Consolidation is something we expect will continue across the credit union industry, and we'll stay thoughtful and selective as we evaluate opportunities.

If we consider additional partnerships in the future, it will be because there's a clear strategic fit and strong cultural alignment - shared values, the right talent and the ability to better serve members.

Right now, our focus is on executing this merger well, and we have not identified specific markets tied to any future activity.

We're known as strong operators and a well-run organization. We've had other credit unions reach out from time to time to learn more about specific practices, everything from marketing to accounting alignment and underwriting.

I see that as a reflection of the experience our teams have built and the discipline we bring to how we run the business.

Beyond our core deposit and lending offerings, we've also developed capabilities in areas like P1 Finance, SBA lending, the Credit Union Auto Marketplace, and insurance, areas where some institutions are still building scale and expertise.

Q. Given the increasing number of Top-50 banks entering the Triad and establishing roots, how will a combined Truliant be able to attract and retain customers?

A. The way I think about it is this: our merger with Piedmont Advantage gives us more scale to reinvest in the things that matter most to members.

With added capacity, we expect to strengthen digital engagement, expand lending capacity and enhance deposit offerings.

We have to stay relevant to our members. If you look around Winston-Salem, you can see more bank brands establishing a presence, and we're seeing similar competitive activity across the markets where we operate, including Charlotte.

Our responsibility is to ensure members know we're listening, that we understand what's changing around them, and that we're evolving with their needs.

The financial services landscape is moving quickly, and we have to keep pace by paying close attention to what members are telling us and where the market is headed.

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