Stoneville, NC (July 24, 2025) |
Acclaim Federal Credit Union is taking bold steps to bridge the financial services gap in rural North Carolina through a joint venture with the Town of Stoneville. Announced earlier this week, the partnership will bring a new Acclaim branch to the heart of downtown Stoneville, marking a milestone in local revitalization and credit union outreach to underserved communities.
When the town’s last financial institution closed its doors in 2022, Stoneville—a Rockingham County community of just over 1,300 residents—was left without a local branch to meet basic banking needs. That reality is not unique: over the past decade, North Carolina has seen banks shutter nearly one in four branches, many of them in rural or underserved communities. In Tier 1 counties alone, there are nearly 40% fewer bank branches today than ten years ago.
Credit unions, however, are stepping up.
“Credit unions continue to fulfill their not-for-profit mission by serving parts of the state banks have left behind, even if doing so doesn’t maximize the credit union’s bottom line,” said Dan Schline, president and CEO of the Carolinas Credit Union League. “Credit unions have the right model and the desire to offer brick-and-mortar financial services to North Carolinians in banking deserts. We continue to work with the legislature to obtain government permission to ease credit unions’ ability to do so.”
Stoneville is a clear example of the impact of bank departures. As reported by the Triad Business Journal, “When Raleigh-area-based Fidelity Bank closed the branch at 103 South Henry St. [in Stoneville] in January 2022…Stoneville was without a financial institution in town.” Acclaim will now make its home in that very location — restoring vital financial services and becoming the only brick-and-mortar institution conveniently accessible to local residents.
The new branch is expected to open in early 2026 and represents a community-focused collaboration between Acclaim FCU, town officials, and state leaders. Support from Senator Phil Berger (R-District 26) and Representative Reece Pyrtle (R-Rockingham) was instrumental in securing funding for the initiative.
“We want to invest in the community and bring much needed services to the citizens of Stoneville,” said Acclaim FCU president and CEO Christie Smith. “We are committed to supporting the community by hiring local talent, ensuring that our branch will be a true partner for Stoneville.”
In addition to expanding access to financial services, the project is part of a larger effort by the town to revitalize its historic downtown district and drive local economic development.
“We are excited to welcome Acclaim Federal Credit Union to Stoneville,” said Mayor Stanley-Galvan. “This project reflects our commitment to economic development, downtown revitalization, and building meaningful partnerships that benefit our residents and business community.”
The grand opening of the branch will include a ribbon-cutting ceremony, with more details to be announced as construction progresses.