Wednesday, October 6, 2010

Focus One CU and First City CU Merge (Q&A)

Question and Answers
Focus One/First City Merger

Question: Why have Focus One Community Credit Union and First City Credit Union merged?

Answer: In planning for our future growth, a combined organization will bring much greater strength, safety, and competitive advantages to better serve our members and communities.

Q: What does the new, combined credit union look like?

A: The new credit union, which is called First City Credit Union, has over $450 million in assets, 55,000 members, nine branches and 17 proprietary ATMs. All branches will remain open, and all branch employees for both credit unions will be retained. Both credit unions are members of the CO-OP ATM Network and CU Service Centers, so members still have access to over 25,000 ATMs and 2,500 branches nationwide.

Q: How financially strong is the new merged credit union?

A: Both credit unions are very strong, and with the merger, First City has capital reserves of over 11%, a measurement of strength that is well above the national credit union and bank averages – and substantially above regulatory requirements. Deposits are federally insured up to at least $250,000 per member by the National Credit Union Administration (NCUA).

Q: What will happen to Focus One member (account) numbers?

A: Focus One account numbers will change as a result of the conversion of its records to the First City data processing system, which will occur within a few month. Focus One members will receive your new number prior to the conversion.

Q: Will Focus One checking accounts remain the same and will current checks still be valid?

A: If you have a Focus One checking account, it will be converted to a First City Checking Account when the conversion is completed. You can continue to use your checks until your supply is depleted. Upon your next re-order, you will receive First City checks.

Q: Will my direct deposit and payroll deduction with Focus One stay the same?

A: If you currently have direct deposit of your payroll check or payroll deduction to a Focus One account, it will automatically transfer to your First City account.

Q: What should I do about my Focus One Debit or ATM Card?

A: Focus One debit or ATM Cards will no longer be valid when the system conversion is completed. First City will mail you a new card around two weeks prior to the conversion date.

Q: Will Focus One loan balances be automatically transferred to First City?

A: Yes. With the system conversion, any Focus One loan balances that you currently have will be transferred directly to First City at the original terms and rates.

Q: Where will the branches of the combined credit union be located?

A: Focus One branches (3) and First City branches (6) will all remain open in their existing locations, bringing the total number of branches to nine. However, it is important to note that members of the existing credit unions will not be able to use the other credit union’s branches until the conversion is completed.

Q: Whom do I contact if I would like more information?

A: Until the conversion is completed, members with existing Focus One accounts should continue to call 866-436-2872. First City members can call 800-944-2200, ext. 0. For more information about First City and our products and services, visit www.firstcitycu.org.