Understanding the Merger of Credit Unions: What It Means for You

As of March 4, 2024, a significant event occurred in the financial landscape of Minnesota – the legal merger of two esteemed credit unions, Star Choice Credit Union and  SharePoint Credit Union. While the term "legal merge" might sound complex, its implications are quite straightforward: the assets, liabilities, and capital of both entities will be combined to form a single, stronger credit union. But what does this merger mean for you, the member? Let's break it down.

Enhanced Services, Greater Convenience

One of the primary objectives behind credit union mergers is to enhance the overall experience for members. By pooling resources, operations, and membership, the merged entity can offer a wider array of products and services, along with increased accessibility through additional branches. This means more convenience and choice for you as a member, as well as improved member service and advanced technology to meet your evolving financial needs.

Competitive Edge and Long-term Viability

In today's financial landscape, competition is fierce, especially from large financial institutions. By merging, credit unions like Star Choice CU and   SharePoint CU can better compete while maintaining their commitment to superior service and quality. Additionally, the merger strengthens the long-term viability of the credit unions, ensuring their ability to adapt and thrive in a rapidly changing market.

Geographic and Membership Expansion

Mergers also provide opportunities for geographic and field of membership expansion. In the case of Star Choice and SharePoint Credit Union, both credit unions will continue to serve the communities in Minnesota counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington, and Wright. Moreover, the merger preserves all fields of membership from both credit unions, ensuring that existing members retain their rights and privileges.

Safety and Security of Your Funds

One of the most crucial concerns for any member during a merger is the safety and security of their funds. Rest assured, your money remains safe throughout the process. As a member of SharePoint CU, your shares are backed by the National Credit Union Association (NCUA), which insures savings up to $250,000. Additionally, SharePoint CU provides an additional $250,000 of Excess Share Insurance, providing coverage for deposits up to $500,000. Your peace of mind is a top priority.

Seamless Transition Process

While the legal merger occurs on March 4, 2024, operational changes will take place gradually. As a Star Choice member, you can continue conducting business as usual until the Operational Merger Effective Date (OMED) in the summer of 2024. During this transition period, you will receive communication and guidance on what to expect, ensuring that the merger is as seamless as possible for all members.

In conclusion, the merger of Star Choice CU and  SharePoint Credit Union represents an exciting opportunity to strengthen both credit unions and better serve their members and communities. With enhanced services, competitive advantages, and a commitment to safety and security, this merger heralds a promising future for all involved. For more detailed information and frequently asked questions, please visit SharePoint CU’s Partnership Page.

We're excited about this merger and believe it will create a stronger, more vibrant credit union that better serves our members and communities. As always, thank you for your continued trust and membership.

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