Members of Focus One Community Credit Union have been mailed ballots to vote on a proposed merger with First City. The merger has been approved by the boards of directors at both credit unions, and by our state and federal regulators. Member voting will be completed by September 23, and if approved, the merger will be official as of October 4, 2010. A simple majority of voting members is required to approve the merger.
The merger of two strong financial institutions will result in a credit union of $450 million in assets, 55,000 members, and nine branches. Capital reserves will be over 11% -- a measurement of strength that is above national bank and credit union averages, and well above regulatory requirements. The new credit union, which will be called First City Credit Union, will be led by First City’s President/CEO, Terry O’Steen.
Although the merger would be official October 4, the conversion of Focus One’s member data to First City’s system will not be completed for several weeks. Until the merger is completed, members of both credit unions will continue to access their accounts as they always have.
Information about member account access, and other issues related to the merger are addressed in our Questions and Answers sheet. Click here for information about the benefits of the merger to members, and to the credit unions.