Credit Union Member Q&A

Founded in 1967 as a cooperative to cater to the financial needs of University of South Carolina faculty and staff, Caro continued to evolve into a beacon of financial empowerment, serving not only the University community but other college communities and not-for-profit/government organizations such as Bon Secours St. Francis Hospital, AgFirst Farm Credit Bank, the Veterans Affairs Regional Office, and Rural Cooperative Credit Union. As a low-income designated credit union and a Community Development Financial Institution (CDFI), Caro’s mission is straight forward: Real Solutions for Real People.

Caro has the following locations:

• Caro’s main office is: 4480 Rosewood Drive, Columbia, SC 29209. Hours of Operation: Monday – Tuesday: 8am – 5:00pm; Wednesday: 10:00am – 5:00pm; Thursday – Friday: 8:00am – 5:00pm.
• 710 Pulaski Street, Columbia, SC 29201. Hours of Operation: Monday – Tuesday: 9:00am – 1:30pm and 2:30pm – 5:00pm; Wednesday: 10:00am – 1:30pm and 2:30 pm – 5:00pm; Thursday – Friday: 9:00am – 1:30pm and 2:30pm – 5:00pm.
• 121 Sumner Street, Greenville, SC 29601. Hours of Operation: Monday – Tuesday: 9:00am – 1:30pm and 2:30 pm – 5:00pm; Wednesday: 10:00am – 1:30pm and 2:30 pm – 5:00pm; Thursday – Friday: 9:00am – 1:30pm and 2:30pm – 5:00pm.

Since our founding in 1970, the goal of 1st Cooperative has been to provide our members with high-quality financial services. We strive to offer the members the services they need that help them meet their financial goals. The financial industry is changing, the regulatory environment is becoming more complex and consumers are wanting more and different services. It became clear to the board that we should do what is necessary to be sure our members can pursue their financial future. New financial products and services come at an expense and require staffing levels that we cannot provide at our current size.

The board spent considerable time in strategic conversations about the future of the credit union and, early on, decided that joining with another financial institution would work only if that institution was well-matched to 1st Cooperative’s high level of member service. The board wanted the employees of that financial institution to understand our members, share our values, and provide value beyond what 1st Cooperative could do alone. The intent of the merger is to provide our members with more products and services that enhance their lives, while maintaining the small credit union feel they have come to expect.

Our introduction to Caro began over a year ago when they provided 1st Cooperative with management services to support our operations and assist our team with lending and compliance. The board was impressed with the professionalism of Caro’s staff and recognized the shared values between 1st Cooperative and Caro.

1st Cooperative members will benefit from this new relationship by having access to a more complete or enhanced product line, including:

• State-of-the-art online, mobile and video banking services which will allow our members to conduct their financial transactions from anywhere in the world.
• Increased rates on deposit accounts.
• 24/7 call center access to a live person.
• Access to debit and credit card cash-back rewards.
• Continued access to Shared Branching network, giving you access to over 5,600 locations and 30,000 ATMs.
• Mortgage, home equity, consumer and business loans.
• Free access to credit scores and tips on how to improve those scores.
• Business checking accounts.

1st Cooperative’s staff will be training and preparing to ensure a smooth transition and will help with member questions. During the transition process, all members of 1st Cooperative will seamlessly become members of the combined credit union under the name “1st Cooperative, a division of Caro Federal Credit Union.” Former 1st Cooperative members will still have the right to vote at annual meetings, and they will be eligible for election to the volunteer leadership of the credit union. Members will receive a membership packet, which will include all the information needed to enroll in the new products and services.

There will be no changes to the custodianship of current HSAs, and current dividend rates as of the merger date will be honored.

Current 1st Cooperative members will be able to keep their 1st Cooperative savings and checking accounts or change to the equivalent account at Caro at an interest rate that is no less than what a 1st Cooperative member received on the execution date of the Merger Agreement. There will be no requirement to purchase or utilize any additional services to maintain the current rates.

Caro will honor current dividend rates on existing 1st Cooperative certificates until their maturity date. At certificate maturity, the certificate will be renewed with the same term (length) and at the then-current dividend rate. The member will receive a renewal notice and will have a 10-day grace period to make changes.

On existing loans with 1st Cooperative, Caro will honor the current rate and all current terms until the loan is paid off. New loan requests will be granted based on Caro’s rates at that time.

Your deposits will continue to be insured by the National Credit Union Association (NCUA) as they are today.

We do not expect any interruption to electronic services we currently offer. We are preparing future communications that will include specific information about any changes to accounts or electronic services. Our intentions are to keep members informed and make this transition as seamless as possible.

Account history will be available as it is currently accessed.

We anticipate the effective date of the merger to be March 31, 2026, after the close of business.

The credit union will be called “1st Cooperative, a division of Caro Federal Credit Union.” The branch at 808 Knox Abbott Drive, Cayce, SC, will close soon after the merger date. The same Shared Branching network is used by Caro and 1st Cooperative. Caro’s closest branch is within two miles of 1st Cooperative’s current location.

The boards of the two credit unions have agreed that the board of the merged credit unions will have one seat filled with a nominee submitted by the board of The Electric Cooperatives of South Carolina, Inc. Further, a non-voting Advisory Board, drawn from 1st Cooperative members, will serve as a forum concerning credit union products and services and will help Caro be responsive to the changing financial needs of its members.

1st Cooperative members will continue to mail deposits to 808 Knox Abbott Drive, Cayce, SC 29033. When that office closes, members will be notified in advance, and employees will be available to help with any changes.

It is Caro and 1st Cooperative’s desire to retain 1st Cooperative’s employees. We will continue to serve members with the same friendly people and the same personal touch they have come to expect. In addition, members will have access to Caro employees and their expertise. This includes Caro’s 24/7 live call center.

If you have questions about this partnership, or would like more information, please contact Travis Ward or call at 803-622-5716. You may also contact 1st Cooperative staff members at 803-796-0234.