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Started By
Message
My credicks union is trying to merge with another credicks union...
Posted on 11/7/12 at 3:59 pm
Posted on 11/7/12 at 3:59 pm
I bank with the Credit Union formerly known as LADOTD FCU. Now its Main Street Financial FCU. Been with them since I was 17 (16 years now).
Earlier this year the Board Members tried to merge with Jefferson Credicks Union from towards New Orleans. They said it was a "win-win". Me personally, I voted no, & so did a ton of other people. The move failed. Miserably.
Now my Credit Union is back again, saying they still feel like this is a "WIN-WIN" and due to "historical losses" the past few years, they want to make sure they keep service levels where we deserve them as customers.
I'm still like eff that. Jefferson Credit Union doesn't know me and doesn't know our other members. I'm also not for mergers like this, because service levels always drop, and decisions on a branch level become more and more automated & less flexible.
In short, I don't wanna lose my hometown bank type feel.
So why the heck after a miserable defeat is my Credicks Union back at it with the same company trying to do the same thing they got told we weren't interested in just a few months ago?
Anyone have any background on this one? Feel free to share...
Earlier this year the Board Members tried to merge with Jefferson Credicks Union from towards New Orleans. They said it was a "win-win". Me personally, I voted no, & so did a ton of other people. The move failed. Miserably.
Now my Credit Union is back again, saying they still feel like this is a "WIN-WIN" and due to "historical losses" the past few years, they want to make sure they keep service levels where we deserve them as customers.
I'm still like eff that. Jefferson Credit Union doesn't know me and doesn't know our other members. I'm also not for mergers like this, because service levels always drop, and decisions on a branch level become more and more automated & less flexible.
In short, I don't wanna lose my hometown bank type feel.
So why the heck after a miserable defeat is my Credicks Union back at it with the same company trying to do the same thing they got told we weren't interested in just a few months ago?
Anyone have any background on this one? Feel free to share...
2
Posted on 11/7/12 at 4:08 pm to GFunk
May have something to do with those "historical" losses....and it is entirely possible that a merger would actually increase access to a larger product/service set...etc.
I wouldn't kill it just to kill it.
I wouldn't kill it just to kill it.
Posted on 11/7/12 at 4:13 pm to Tiger4Ever
quote:
Tiger4Ever
quote:
May have something to do with those "historical" losses....and it is entirely possible that a merger would actually increase access to a larger product/service set...etc.
I wouldn't kill it just to kill it.
Their rates on 12, 24 & 36 month CD's are worse than ours. Their interest rates on their checking accounts is 1.26 vs. 1.21 from what I saw in the e-mail.
They keep telling us that MSFCU is financially sound and that this will do nothing but make us even moreso. If we're sound and I'm okay with the product offerings, and the shareholders have also agreed, then why the need to come back again when you've already heard our answer?
Are you in it for something else maybe? Or perhaps are things less sound than you want them to appear?
ETA: that last sentence is meant to refer to the Board Members of the CU. Not you!
This post was edited on 11/7/12 at 4:23 pm
Posted on 11/7/12 at 4:20 pm to GFunk
Looking at the member packet now...
Looks like your CU just needs a lifeline
Looks like your CU just needs a lifeline
This post was edited on 11/7/12 at 4:24 pm
Posted on 11/7/12 at 10:39 pm to GFunk
tl/dr
not sure what is happening there, but just a quick glance at the financials and looks like they need to do something. scanned thru the last 5 years of financials and noted the following.
1. return on average assets is less than .25 needs to be 4 times that and operating expenses are over 90% of gross.
2. they aren't loaning out their money - only 53% of assets are in loans of that 61% is in real estate - they aren't making consumer loans except to the "A" members - avg 2.95% for car loans!!!. Avg loan balance is almost half what is was 3 years ago.
3. Net worth growth, loan growth, investment growth are all stagnant and membership is declining.
Sounds like they have decided to find a partner to help them out rather than the work needed to overcome the declining membership and services.
This was just a quick glance and there may be other politics involved - something happening to field of membership, huge expense needed for new infrastructure, etc... Talk to your board and show up at membership meeting, contact the La Credit Union League to see if they can help with consulting. You own the credit union - act on it.
not sure what is happening there, but just a quick glance at the financials and looks like they need to do something. scanned thru the last 5 years of financials and noted the following.
1. return on average assets is less than .25 needs to be 4 times that and operating expenses are over 90% of gross.
2. they aren't loaning out their money - only 53% of assets are in loans of that 61% is in real estate - they aren't making consumer loans except to the "A" members - avg 2.95% for car loans!!!. Avg loan balance is almost half what is was 3 years ago.
3. Net worth growth, loan growth, investment growth are all stagnant and membership is declining.
Sounds like they have decided to find a partner to help them out rather than the work needed to overcome the declining membership and services.
This was just a quick glance and there may be other politics involved - something happening to field of membership, huge expense needed for new infrastructure, etc... Talk to your board and show up at membership meeting, contact the La Credit Union League to see if they can help with consulting. You own the credit union - act on it.
Posted on 11/8/12 at 8:09 am to GFunk
yea, the reasons CUs merge are usually pretty legit ...and usually are to help fix a problem ... rememeber, these are not for profit organizations .... besides, if got that big of a problem with it, why don't you just join a different CU ? I could recommened a few if you'd like.
ETA: In fact, if you are in DS, I could assist you with getting membership at far and away the best CU in the area ...BR included.... lsucity-1 at yahoo
ETA: In fact, if you are in DS, I could assist you with getting membership at far and away the best CU in the area ...BR included.... lsucity-1 at yahoo
This post was edited on 11/8/12 at 8:11 am
Posted on 11/8/12 at 8:15 am to Zilla
I could get you set up in the DS area as well.
<-----@outlook.com
<-----@outlook.com
This post was edited on 11/8/12 at 8:16 am
Posted on 11/8/12 at 8:18 am to Tiger4Ever
which one ?
Posted on 11/8/12 at 8:22 am to Zilla
One of the 327282638 financial institutions from I-12 to Florida....lol.
Feel free to shoot me an email...
Feel free to shoot me an email...
Posted on 11/8/12 at 3:40 pm to Zilla
Let me guess? Neighbors 
Posted on 11/8/12 at 6:25 pm to bubbz
After being in the CU space as a vendor for over 20 years I can 90% of the time when CUs merge it's for financial reasons. If they've looked at 2 mergers within the past few years you can bet the financials don't look promising at all. Eventualy will happen either by membership vote or regulators. Very well could end up being positive for you from a service level and product offerings standpoint.
At least that's my opinion.
At least that's my opinion.
Posted on 11/9/12 at 9:38 am to bubbz
nope
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