Allegacy Federal Credit Union entered 2022 stronger than ever, proving that “doing right” by our members means better financial health and wellbeing in our communities. With 165,000 members and growing, Allegacy is one of the largest not-for-profit credit unions in the state. Every product and service we offer is designed with our members in mind—their needs, their goals, and their dreams.
Because we are dedicated to the communities where we live and work, we embrace “doing right” moments and bring our core values of care, collaboration, growth, and service to life. We do this through charitable giving, financial education programs, economic development initiatives, and a lot of volunteerism throughout Clemmons, Winston-Salem, the Piedmont Triad, and beyond.
Giving time and resources
In 2021, Allegacy and its employees were engaged in supporting, sponsoring, and volunteering with nonprofit organizations. The 2021 DW “Don’t Wait” Annual Golf Tournament was a huge success, raising over $80,000 and bringing Allegacy’s total contribution to Cancer Services, Inc., to $1.2 million over the last 22 years. Proceeds benefit cancer survivors directly, providing financial assistance, medical supplies, special programs, advocacy, and more at no cost to the patient.
Other organizations we’ve served through the giving of time and resources include: Cancer Patient Support Program at Atrium Health Wake Forest Baptist, Trellis Supportive Care, and Second Harvest Food Bank. We’re proud that our employees have logged thousands of volunteer hours in our communities – people helping people be their best.
We reinvested nearly five percent of our net income in local communities through charitable contributions, sponsorships, community reinvestment, and foundation gifts to address our priority areas of food insecurity, education, and health. In total, we have fueled $490,000 in charitable giving and fundraising.
Sharing knowledge and opportunity
Allegacy continues to increase access to financial education programs, reaching members and community members of all ages with the sole purpose of improving their long-term financial wellbeing. Our approach is to meet people where they are and help them achieve their individual financial goals.
In 2021, Allegacy delivered 4,500 hours of personalized support via virtual financial workshops, 1:1 coaching and online educational resources. We are excited to launch Enrich, a digital financial wellness tool that empowers users to move their ideas into action. Our Beginners Best Kids Savings Account continues to equip parents with educational materials that promote youth financial literacy.
Along with awarding several scholarships every year, Allegacy supports student-run credit unions in nine local high schools; financial education programs at area universities; and a collection of young adult products and resources to help teach budgeting skills, build credit, and make wise spending decisions. Allegacy’s financial wellbeing initiatives recently earned top honors from the Carolinas Credit Union Foundation.
“As we continue to bring innovative and exceptional products and services to our members, we demonstrate the unique value of a strong credit union and our role in supporting the communities where we live and work. We look forward to engaging more community members and employees, helping to address each community’s unique needs through philanthropy and volunteerism.” – Cathy Pace, President and CEO, Allegacy
Growing economic impact
While Allegacy’s commitment to wellbeing and education continues to grow, so does our ability to serve more members across the region. A new financial center will open in 2022 in the heart of Charlotte, allowing Allegacy to bring its distinctive financial products and services, such as Interactive teller machines and other digital services to a new community.
The Mocksville Financial Center is relocating to a larger, more central space for members in the area, and recently, Clemmons received a completely remodeled Allegacy Village Financial Center, providing members there a major upgrade with enhanced access to digital and personalized services and investment options.
Allegacy also works with local chambers of commerce and other organizations that promote economic development in the communities within our footprint. We collaborate with local leaders to invest via loans in the restoration of historic areas in Guilford and Forsyth Counties, as well as other communities.
Want to learn more about Allegacy’s commitment to its members and communities? Visit the community page at Allegacy.org to see how the credit union and its employees are active and engaged in helping out in the communities where they live, work, and play.