Cosby Davis joins the executive team at North Carolina's third-largest credit union after nearly a decade at nearby Allegacy Federal Credit Union.
Members of $5.3 million-asset WJC Federal Credit Union will vote to merge into $3.2 billion-asset Truliant FCU, based in North Carolina.
Highlands Banking would be based in a community near the state's borders with Georgia and South Carolina.
The $3.1 billion-asset institution's product will not carry any fees and offers a variable APR.
Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.
The Ohio company said the decision reflects branch overlap and lower customer usage of the locations being shuttered.
Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.
The acquirer had pursued a de novo strategy in its home state but was unable to raise enough capital.
Triad Business Bank, which will immediately have offices in three cities, will debut next week.
The North Carolina company will hold onto the loans following the Fed's decision to slash interest rates.
