Charlotte-based Skyla Credit Union, which has assets of $1.4 billion and 18 offices, recently expanded into health insurance and consulting services by acquiring a Cornelius agency.
Policyline Insurance owner Geoff Ricks was named president of Skyla Insurance Services, and will be available to advise the credit union’s 103,000 members on health benefits. Ricks’ agency has a strong emphasis on providing Medicare Supplement policies to members who are 65 or older and qualify for the government-supported health insurance program, says Ray Crouse, president of Skyla Financial Solutions.
“We all face that decision about Medicare at the right age,” he says. “We want to be equipped to do what is right and not just seek the highest commission.”
Skyla was started as a credit union for Charlotte municipal employees in 1962, then grew in the Charlotte area over the next 50 years. In 2021, it merged with Greensboro-based Premier Federal Credit Union, which had roots serving Cone Mills employees.
It rebranded as Skyla in 2022 and a year later added Parsons Federal Credit Union, which serves employees of the large transportation planning business that has key offices in Charlotte, Pasadena, California, and Centreville, Virginia. Crouse had been president of the Parsons credit union.
This acquisition expands Skyla’s product portfolio and ability to serve several hundred corporate accounts and sponsor companies. Separately, it has two agents who sell property/casualty insurance to members. “By integrating Policyline’s expertise and resources, we are better positioned to offer comprehensive insurance solutions that meet the diverse needs of our clients, all while enhancing the value we deliver to Skyla Credit Union’s members,” Crouse said in a release
Skyla and other credit unions are expanding into new areas to lessen their dependence on net interest income and punitive fees such as non-suffient funds, he adds.
Among the most aggressive N.C. credit unions is Winston-Salem-based Truliant, which just leased 16,700-square foot space in Charlotte’s SouthPark area for an office focused on commercial and mortgage lending. The eight-story building at 5970 Fairview Road will be named after Truliant, which has about $5 billion in assets and 35 branches in the Carolinas and Virginia. The office is scheduled to open this summer.
The diversification draws steady criticism from banking industry officials who contend the tax advantages of credit unions are an unfair advantage. Membership requirements of credit unions have also lessened, making them more accessible to much of the population.
Credit unions remain different from banks because “every decision is made for the interest of our customers and owners, who are our members,” Crouse says. “I don’t think you will find that in the bank market.”
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.