WS Chronicle

In 2021, Truliant Federal Credit Union acquired the naming rights to the landmark Winston Tower in downtown Winston-Salem. Changing the name on the 30-story building elevated Truliant’s brand, but the credit union’s most significant deal in the city may have come 17 years earlier when it merged with Victory Masonic Mutual Credit Union, one of the oldest Black financial institutions in North Carolina.  

History of Victory Credit Union 

Founded by William M. Nesby and O.A. Brown, Victory Credit Union was chartered by the state on April 14, 1946. Both Nesby and Brown, agents at Winston Mutual Life Insurance Co., were concerned about the financial struggles of Black residents in the community and decided to act.  

With just $52.25 in assets, Victory held its first meeting at Mount Zion Baptist Church. The original board members included Theodosia Simpson, J.D. Ashley, Mitchell Byrd, W.T. Holloway, Dr. J.C. Jordan, Robert A. Miller, Corrine Pickenpack, the Rev. Harry A. Smith, and R.D. Smith.  

Although little was known about credit unions in the Black community at the time. Victory quickly gained a foothold. It’s been documented throughout history, and even today, that banks deny loans to Black applicants, so in more ways than one, Black institutions like Victory were essential to the growth and development of the Black communities and neighborhoods like Depot Street, which is known as Winston-Salem’s Black Wall Street. Lafayette Jones, long-time board chair, said at that time Black people were being “institutionally” robbed of rights and benefits as Americans through redlining and loaning, and Victory was there for the people who were truly in need.  

Victory started by offering loans ranging from $5 to $200. Jones said in the early days people were getting loans to buy wood to build homes, or to buy coal to heat their homes.  

“When people are living close to the edge, $200 can make a big difference,” he continued. “You need a house for your family, banks weren’t going to loan you a dime. So the credit union came in and loaned men in this community money to buy lumber… they borrowed it to buy clothes for their children, ordinary things that the general population would take for granted.” 

While loaning families money they needed to survive day to day, Victory provided much needed financial literacy as well. According to Jones, they held classes on financial literacy and those lessons were passed down to the children. Within a decade, the assets of Victory Credit Union had grown to $600,000.  

“It was taught in classes; it was taught in normal conversation, and from there it was taught to the children. And it wasn’t long before you saw those children going off to Winston-Salem State, A&T. And that’s when he saw how you really benefit families,” Jones said.  

Keeping the Dream Alive  

To better serve members, Victory merged with other financial institutions over the years. In 1984, it merged with the Employees Credit Union of Winston Mutual Life Insurance and became Victory Mutual Credit Union. In 1990 it merged with Shriner Masonic Credit Union and was renamed Victory Masonic Mutual Credit Union.  

Around that same time, Jones, who is a native of Chicago, married Sandy Miller, the daughter of longtime board chair Robert A. Miller. After moving to Winston-Salem, Jones quickly became involved in the credit union.  

“As a volunteer mandated by him – because he was my father-in-law – I went to every meeting, did every job, and I learned a lot,” Jones said. “I went on to become his vice chairman. Then they decided to make me chairman.”  

Looking Toward the Future  

As board chair, Jones began looking toward the future. Despite having nearly 2,000 members and $1.6 million in assets, competing with large credit unions and banks with billions in assets was an uphill battle. Jones hired a consultant to assess Victory’s financial outlook.  

“They looked at the numbers and came back and said there was no chance of survival,” Jones said. “They said we would not be able to pilot this two-person office with no technology through the regulatory maze before they took our charter away.”  

Faced with the possibility of closing, Jones and the board explored options, including hiring a management company or merging with another credit union.  

At the same time, Truliant Credit Union – then AT&T Family Credit Union – was looking to open a branch in a residential area near the Waughtown community. However, it lacked the necessary charter.  

Credit unions require charters to operate, and the type of charter determines membership eligibility. Victory had a geographic charter dating back to 1946, while Truliant had an occupational charter at the time.  

The proposed merger with Truliant allowed Victory to retain its name while gaining access to essential services, including low-cost consumer loans, mortgage and equity loan options, small business services, insurance, retirement plans, and more.  

“They came with financial resources, technology, and staffing. Those are important things, especially in a financial operation,” Jones said. “Although we were well-intended, we had difficulty delivering because we couldn’t afford the technology or the people to run it, and the regulators were beating our brains in.”  

After six years of collaboration, Victory officially merged with Truliant in 2004. The board considered proposals from six different credit unions, but Truliant was the clear choice due to the relationship they had already built.  

“We had to give this due diligence, but going in, we knew it would be Truliant,” Jones said.  

As part of the merger, the Victory name remained on the branch to honor its legacy in Winston-Salem’s Black community. Marc Schaefer, former president and CEO of Truliant, called the merger an opportunity to spark diversity efforts.  

Reflecting on Victory’s legacy, Jones, now a member of the North Carolina Credit Union Commission, said, “The Victory Credit Union story is of giants. Black men who were giants.”