Friday, September 18, 2015

St. Cloud Federal Credit Union and St. Cloud City and County Employees Credit Union Announce Merger Intention

St. Cloud, Minnesota: St. Cloud Federal Credit Union and St. Cloud City and County Employees Credit Union are proud to announce the intention of merging their two organizations. The merger process was pre-approved by regulators and affirmed by a vote of St. Cloud City and County Employees Credit Union members at a special meeting on September 16th, 2015. Final regulatory approval is anticipated in the coming months. Both organizations have a rich history in Central Minnesota dating back to the 1930s, and will continue operating “as is” until the merger is finalized later this year.

The merger was proactive with both organizations, enhancing economies of scale to better serve the needs of members. “Our board and our members are excited about this partnership. We gain more products, services, and delivery channels with a strong strategic partner to better position our member service for years to come,” stated Mel Tody, President and CEO of City and County Employees Credit Union. “Our shared values and local commitment will allow us to fulfill our mission within the cooperative model even stronger in the future,” stated Tody. Upon merger completion, Mr. Tody will assume the position of Chief Financial Officer (CFO) of St. Cloud Federal Credit Union.

The merged credit unions will become one organization under the St. Cloud Federal Credit Union name, with assets exceeding $140 million serving over 18,000 members with three branches. “We are excited about the nature of this merger in having two strong organizations who share common core values, positioning us to do even more for the members and the communities we serve,” stated Jed A. Meyer, President and CEO of St. Cloud Federal Credit Union. “I am very excited to work alongside Mel as our new CFO, and I would like to extend a warm welcome to the rest of the staff and members of St. Cloud City and County Employees Credit Union,” stated Meyer.

Celebrating its 85th year in business during 2015, St. Cloud Federal Credit Union began in 1930 serving Postal employees and expanded throughout the years to people who live or work in Stearns, Benton, or Sherburne counties. City and County Employees Credit Union began in 1934 serving employees and family members of the City of St. Cloud, Stearns County, Great River Regional Library, and School District 742. The combined organizations will now have two branch locations in St. Cloud and one in Sartell. The mutual core values and mission will remain essentially the same – to leverage their not-for-profit financial cooperative to make a meaningful difference in the lives of people and the community.

About St. Cloud Federal Credit Union: St. Cloud Federal Credit Union is a not-for-profit financial cooperative founded in 1930. Currently with over 15,000 members and over $120 million in assets, the credit union is proud to serve members in Central Minnesota with branches in St. Cloud and Sartell. The organization prides itself on making a meaningful difference for members and their local communities.

Why St. Cloud Federal Credit Union is a Great Option for Your Loan Needs

So, you’re looking to apply for a loan. Where do you go? Choosing a big name bank may seem easier at first, but is it the right choice for you? Looking into St. Cloud Federal Credit Union can prove to be a better fit for your needs, and here’s why:

It’s important to trust your lender. Big Banks are for-profit organizations, and can have many hidden fees. Shareholders will ultimately do what is right for the shareholders - they care about the bottom line. At SCFCU, we are not-for-profit and our owners are our members, so our main focus is and always will be you.

At St. Cloud Federal Credit Union, you can be assured that we are on your side. Through big banks, customers are many times approved for large loans they might not necessarily need, which they may take out because they think it’s what's best- If you’re approved for it, why not, right? Most often, employees of big name banks are required to sell as part of their job. SCFCU takes the time to really assess your options. We do what is right for our customers, NOT the bottom line.The people who work at our credit union are local people, meaning they live in our community, and can better understand your needs.

Big banks have many employees that are constantly revolving in and out and it can be impossible to get to know your loan officer on a personal basis. At St. Cloud Federal Credit union, we will take the time to explain every part of a loan with you. You want a face to face, personal relationship with your loan officer, and you can get that at a St. Cloud Federal Credit Union. We guide you through the whole process and answer every question you may have on the way.

If you have any questions about taking out a loan from a credit union, we encourage you to stop into St. Cloud Federal Credit Union and meet with us. We are happy to answer any questions you may have!