Partnership
That is why we are pleased to announce that Allegis Credit Union has decided to partner with Honor Credit Union!
Member Vote Results are in!
The Special Meeting of the Members was held on December 8. At that meeting, the final ballots were cast by members who attended the meeting, and those were added to the results of the ballots that were mailed in. A third party CPA firm counted the votes, and we are pleased to announce that the partnership with Honor Credit Union was approved by our members! Pending regulatory approval by the state, we will begin the merger process during the first quarter of 2012.
We will keep our members updated throughout this process. Please continue to send us your questions through the web inquiry form or ask your local branch office employees.
We believe that bringing two successful and financially strong credit unions together will result in even greater financial opportunities for both memberships. Upon regulatory approval and a positive member vote, Allegis Credit Union will become part of Honor Credit Union. We are confident that you will only see positive things going forward, such as:
- More access to your accounts—a total of 12 branches
- More surcharge-free ATMs—over 32,000 total
- Access to over 4,300 service locations
- Business account services
- Increased member benefits due to the combined organization
- And best of all, the same friendly faces will help you at your local branch!
Read the card that was mailed to members
Find answers to your questions
If you have more questions, you can submit them here and choose "Partnership with Honor Credit Union" as the Inquiry Type, or call us at 1-800-797-3281. Thank you for allowing us to serve you. We look forward to growing with you in this new partnership!
Member Card:
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Dear Allegis Credit Union Member, We are pleased to announce that Allegis Credit Union has decided to partner with another credit union. We believe that some things are even better together, and that bringing two successful and financially strong credit unions together will result in even greater financial opportunities for both memberships. After an extensive search, we found that Honor Credit Union, based in St. Joseph, Michigan, shares our core values and beliefs and has exceeded our hopes for a partner we can combine forces with to continue our tradition of excellent member service and ensure future success. Upon regulatory approval and a positive member vote, Allegis Credit Union will become part of Honor Credit Union. We are confident that you will only see positive things going forward, such as:
We promise to make every effort to ensure this transition is as seamless as possible for you. Many of the changes will be behind the scenes and your member experience will only get better. It will take several months to complete this voluntary merger, and we will keep you thoroughly updated throughout the process. Right now, you can use your account as you normally would. If you have questions about how your account will be affected, please visit AllegisCU.com or call us at 1-800-797-3281. Thank you for allowing us to serve you. We look forward to growing with you in this new partnership! Sincerely, Your Allegis Credit Union Board of Directors |
Frequently Asked Questions:
| Q | WHAT IS A MERGER? |
| A | A merger is an agreement between two organizations that have a common goal to grow and serve the members and their communities.This is an opportunity for two successful individual organizations to come together and be a more successful single entity. This merger is also voluntary. A voluntary merger is the merger of two financially healthy credit unions. The members of Allegis will have a vote on whether they want to merge or not. |
| Q | IS ALLEGIS BEING BOUGHT OUT OR ACQUIRED? |
| A | The merger represents a mutually beneficial partnership that both organizations are entering into freely. This collaboration brings together two organizations to benefit the memberships of both organizations. |
| Q | WHO IS ALLEGIS CREDIT UNION? |
| A | www.AllegisCU.com Allegis Credit Union was formed in 1957 and originally served State of Michigan employees. |
| Q | WHO IS HONOR CREDIT UNION? |
| A | www.HonorCU.com Honor Credit Union was formed in 1934 and originally served Berrien County educators. |
| Q | WHAT WILL THE NAME OF THE NEW CREDIT UNION BE? |
| A | Honor Credit Union. Allegis Credit Union will be changing its name to Honor Credit Union to reflect the partnership between Allegis Credit Union and Honor Credit Union. The name, Honor Credit Union will incorporate 14 counties. |
| Q | WHERE WILL THE CORPORATE OFFICE BE LOCATED? |
| A | St. Joseph, Michigan |
| Q | WILL WE HAVE TO CLOSE ANY BRANCHES? |
| A | No |
| Q | WHEN WILL THE MERGER BECOME OFFICIAL? |
| A | Tentatively, by the end of the first quarter of 2012, pending regulatory approval and Allegis member approval. |
| Q | WHY DOES THIS MERGER MAKE STRATEGIC SENSE? |
| A | Strategically it allows both organizations to combine resources to grow in our communities, take better care of our current members and bring in new members. Credit union services are an important option for consumers and this merger allows both credit unions to reach more consumers. |
| Q | WHY MERGE NOW? |
| A | This is a unique time in the history of our economy, and it’s created some new opportunities for two credit unions like Allegis Credit Union and Honor Credit Union. We’ve seen increased competition and growth within the credit union industry, and we’ve continued to see banks take a step back. This is a great opportunity to take a step forward for our members and communities. |
| Q | WHAT WILL HAPPEN TO THE EMPLOYEES? |
| A | A great benefit of this merger is that there is no overlap and that employee positions fit well in each organization. The team we are bringing together will enhance service to our members and communities. |
| Q | HOW WILL THE TWO BOARDS OF DIRECTORS BE COMBINED? |
| A | The organization’s board will be expanded to 11. |
| Q | DO I HAVE A CHANCE TO VOTE IN THIS CHANGE? |
| A | Ballots are being mailed out with postage-paid envelopes so that members can cast their vote. Members also have the option of voting in person at the special meeting on December 8, 2011 at 5:30 at the Allegis main branch located in Kalamazoo. Results of the vote will be announced at that meeting. |
| Q | WHAT IS IN IT FOR THE MEMBERS? |
| A | More access to branch locations, and more products and services. The merged organization will allow two strong credit unions to join together to provide the opportunity to offer membership in 14 counties. A total of 12 branches will give members geographical diversification, greater financial resources, along with enhanced products and services. |
| Q | HOW MUCH IS THIS MERGER GOING TO COST? |
| A | We strongly believe the benefits to the memberships far outweigh the initial costs to join together. As a combined organization, we gain substantial savings through economies of scale. For example, both credit unions currently operate on the same data processing system, which will make combining credit union data less costly and will reduce costs going forward. We will also be combining phone systems, internet banking systems, ATM networks, and much more. While there are short-term costs associated with combining credit unions, in the long-term, this positions us to be more efficient, gain cost savings, maintain viability, remain competitive, as well as improve our capital position. All of this helps us provide members additional conveniences and enhanced products and services going forward. |
| Q | ARE THERE ANY IMMEDIATE CHANGES THAT WILL IMPACT MY ACCOUNTS? |
| A | The change to accounts will be gradual with the goal of completing all changes by October 1, 2012. |
| Q | WILL THIS AFFECT MY SERVICE? |
| A | No. You will only see positive changes; you will have more access points with an expanded ATM network and Member Solutions Call Center accessible for extended hours. |
| Q | WILL THERE BE SERVICE INTERRUPTIONS? |
| A | At this time, we do not anticipate any service interruptions. |
| Q | WHAT IF I AM CURRENTLY A MEMBER OF BOTH HONOR AND ALLEGIS CREDIT UNIONS? |
| A | You can keep both accounts, but may want to meet with a representative to combine the accounts. |
| Q | WILL HONOR AND ALLEGIS PRODUCT LINES BE COMBINED? |
| A | Yes |
| Q | WILL MY ACCOUNT NUMBERS CHANGE? |
| A | Allegis Credit Union Members - Since both credit unions operate on the same data processing platform, best efforts will be made to keep member account numbers the same. In the case of duplicate account numbers, Allegis members may have numbers added to their existing account number. You will be notified in advance of any changes. Honor Credit Union Members - No. |
| Q | DO I NEED TO SET UP NEW PASSWORDS FOR PHONE OR ONLINE BANKING? |
| A | This is still being determined. You will be notified of any changes before they occur. |
| Q | CAN I CONTINUE TO USE THE SAME CHECKS, ATM, DEBIT AND CREDIT CARD? |
| A | Allegis Members - At this time, yes. There will be changes coming in these programs as we bring systems together. You will be notified in advance of any changes. Honor Members - Yes |
| Q | WHAT HAPPENS TO MY DIRECT DEPOSITS, SUCH AS PAYROLL AND SOCIAL SECURITY? |
| A | Allegis Members - Nothing at this time. You will be notified in advance of any changes. Honor Members – Everything will remain the same. |
| Q | WILL MY DIRECT DEPOSIT, AUTOMATIC PAYMENTS, TRANSFERS, LOANS, SAVINGS AND INVESTMENT TRANSACTIONS CONTINUE WITHOUT INTERRUPTION? |
| A | Yes |
| Q | WILL ONLINE BANKING WORK THE SAME? |
| A | Yes |
| Q | WILL TELEPHONE BANKING WORK THE SAME? |
| A | Yes |
| Q | WILL MY LOAN OR ACCOUNT RATES AND FEES CHANGE? |
| A | Rates on existing fixed-rate loans will remain the same. Through economies of scale, the combined organization is looking to provide better rates and fees for members. Any changes will be clearly communicated in advance along with possible new service offerings. |
| Q | WHEN CAN I USE BOTH CREDIT UNIONS' BRANCHES? |
| A | You can already conduct basic transaction at both locations through the Xtend Shared Branch Network. http://search.xtendcu.com/branches/find/xtend/ When the voluntary merger is approved, systems will be combined. You will be updated with our progress and notified when you will have full access to all branch locations. |
| Q | ARE BOTH CREDIT UNIONS FEDERALLY INSURED? |
| A | Yes. Both credit unions are federally insured through NCUA. www.ncua.gov |
| Q | WILL THE PHONE NUMBERS CHANGE? |
| A | To be determined; we will keep you posted on any changes. |
| Q | WILL THE WEBSITE ADDRESS CHANGE? |
| A | The website for the combined organization will be: www.HonorCU.com |
| Q | IF I DON'T HAVE AUTOMATIC PAYMENTS, WHERE SHOULD I MAIL MY PAYMENTS? |
| A | Keep mailing your payments the same way you have been. When changes are made, you will be notified by Honor Credit Union. |
| Q | FOR MORE INFORMATION PLEASE CALL:: |
| A | Allegis Credit Union Members - 800.797.3281 Honor Credit Union Members - 800.442.2800 |
Check out Honor Credit Union's website!
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© 2012 Allegis Credit Union
1-800-797-3281
Routing #: 272481884
