North Charleston credit union opens branch, relocates Summerville office

CPM Federal Credit Union was founded more than 60 years ago to serve paper mill workers.

One of the region’s oldest credit unions is making changes to its local branch network

CPM Federal Credit Union has opened full-service office at 1066 East Montague Ave. near Park Circle in North Charleston. It also has moved its Summerville branch from North Main Street to 165 Brighton Park Blvd. in the nearby Nexton master-planned development.

“Opening these new locations reflects an ongoing commitment to reach our members where they are and be there when they need us,” said James Gergen, chief executive officer of CPM.

The 55,000-member credit union now has 11 branches in South Carolina. Beyond the three-county region, North Charleston-based CPM has offices in Beaufort, Greenville, Greer, Orangeburg, Port Royal, Spartanburg and Simpsonville.

The nonprofit lender’s new Park Circle office is near an East Montague branch the credit union closed in 2013, along with two others in Easley and Greenville, under a cost-cutting plan.

CPM was started in 1955 in a shed on the grounds of what is now the KapStone paper mill in North Charleston to provide workers with a place to save and borrow money at affordable rates. The member-owned financial cooperative began expanding outside the region in the 1980s. It has has $280 million in assets.

Contact John McDermott at 843-937-5572.