Truliant to merge with Piedmont Advantage, expanding reach in the Carolinas.
The proposed deal would create a nearly $6 billion institution serving more than 360,000 members, underscoring steady consolidation across the credit union industry.
Truliant Federal Credit Union and Piedmont Advantage Credit Union, two long-established institutions based in Winston-Salem, N.C., said Wednesday that they have agreed to combine in a deal that would significantly expand Truliant’s footprint and add scale at a time when smaller credit unions face mounting pressure.
The merger, expected to close in early 2027 pending regulatory approval and a vote by Piedmont Advantage members, would bring together organizations with more than seven decades of history each. The combined entity would operate under the Truliant name, serving more than 360,000 members across more than 40 locations with roughly $6 billion in assets.
For Truliant, the agreement builds on a period of strong financial performance. The credit union, which was chartered in 1952 and now has more than 35 branches across North Carolina, South Carolina and Virginia, reported $5.5 billion in assets and earned $20.7 million in the first quarter of 2026, nearly doubling the $10.6 million it earned in the same period a year earlier.
Piedmont Advantage, by contrast, is a smaller institution with $387 million in assets and about 28,000 members. Founded in 1949, it returned to profitability in 2025 with earnings of $116,000 after posting a $2.2 million loss the previous year, according to regulatory filings.
Executives at both credit unions framed the deal as a way to strengthen service and broaden capabilities rather than a response to distress.
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“This is an opportunity to build on what both organizations already do so well. By bringing our teams together, we can expand our impact and deliver even more meaningful value for the members we serve each day,” Todd Hall, president and chief executive of Truliant, said in a statement. “We share the same values, the same commitment to people and community, and the same belief in doing what’s right for our members, and for each other.”
Dion Williams, president and chief executive of Piedmont Advantage, described the transaction in similar terms, emphasizing continuity for members and employees.
“This is a people-first partnership, grounded in shared values and a clear sense of purpose. It is a proactive, strategic decision that leverages our strengths and supports our evolution,” Williams said.
The two institutions said few, if any, layoffs are expected as part of the combination, though some roles may change as operations are integrated. Until the deal closes, both credit unions will continue to operate independently, with no immediate impact on member services.
The merger reflects a broader trend in the credit union industry, where consolidation has become a steady feature of the landscape. According to the National Credit Union Administration, 157 mergers were approved in 2025, slightly below the 162 recorded in 2024 but above the 145 approvals in 2023. Regulators approved 36 mergers in the fourth quarter alone.
That steady pace has been driven in part by the challenges facing smaller institutions, including rising technology costs, competitive pressure and the need for greater scale to invest in digital services and compliance infrastructure.
In that context, combinations like the one between Truliant and Piedmont Advantage have become more common, particularly when a larger institution can absorb a smaller partner while maintaining a shared geographic and cultural focus.
Both credit unions are rooted in Winston-Salem, a city that has long served as a hub for regional financial institutions. The overlap in market presence may allow the combined organization to streamline operations while maintaining a local footprint.
Under the terms of the agreement, Truliant will be the surviving institution, with Hall continuing as chief executive. Williams is expected to remain involved through the transition period.
The deal would also modestly expand Truliant’s membership base while giving Piedmont Advantage’s members access to a broader array of products and services. Executives said the combination would allow for greater investment in member services and community-focused initiatives, though specific plans were not detailed.
For Truliant, the acquisition would push its assets closer to the $6 billion mark and reinforce its position as a mid-sized regional player. For Piedmont Advantage, the deal offers a path forward after a period of financial strain.
“We recognize an opportunity to deliver more to our members, employees, and communities. They will continue to receive the same level of attention they count on.”
– Dion Williams
President & CEO
Piedmont Advantage Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
