What is the purpose of the merger?
- Our credit unions share similar attributes and values. Both are founded and managed to serve the needs of their members. We both take pride in our expertise in offering financial services and we share a unified commitment to deliver to best credit union experience.
- Improves access and long-term competitive capabilities.
- Diversifies membership base and opens up new fields of membership.
- Broadens economic and geographic footprint.
Why is this good for members?
- Price: Supports opportunity for competitive rates through combined financial resources.
- Convenience: Provides for an expanded geographical presence with 13 branches, 13 ATMs and additional 5 branches with M-F 8am to 8pm drive-up service and a Member Support call center that also has 8am to 8pm service hours.
- Products and Services: Creates an opportunity to research and implement products and services faster as members need change.
- Loan Products: Adds additional mortgage products, indirect lending program, and business lending. '
- Service: Establishes the ability to expand and support all points of contact.
When will the merger officially take place?
- The merger is to be completed on or after July 1st, 2018. The system consolidation date has not been determined, but is anticipated to be sometime in 2019.
Will the credit union name change?
- The continuing credit union’s name will be PFCU. SageLink will continue as a division of PFCU for an interim time of up to 3 years from date of merger.
Will any of the branches be closed or consolidated?
- No. We have no plans to close any branches. You can be assured that we will, as always, focus on member convenience and retaining the best business practices and services.
Will business hours be changed?
- The business hours will remain the same until further notice.
Will any employees lose their job?
- No. All employees are being retained by the combined credit union.
Will I have to change my account number?
- Not at this time. The system consolidation date has not been determined. You will be provided with more account level information well before the planned system conversion date.
How large will the merged credit union be?
- At the close of the merger, the combined credit union’s total assets will be approximately $515 million.
How will this benefit the employees?
- When two motivated credit unions join together for the benefit of their members, the result is a combined organization that creates new and exciting opportunities to all stakeholders. The combination will lead to new areas of career development and growth opportunities. The great majority of employees will benefit from this merger. We do not plan to reduce our labor force as a result of this merger.
How do the cultures of the two credit unions compare?
- The cultures are very similar. Above and beyond, both credit unions share a commitment to serving their members. While there are always subtle differences in credit union cultures, we believe the credit union will be a stronger organization because of its diversity and teamwork.