Letter from President/CEONovember 6, 2009 Over the years, we've been very proud of all that NuUnion Credit Union stands for and all we've created together for over 91,000 members like yourself. This is your credit union. And today, a new opportunity exists for your credit union that we'd like you to consider. Late last month, the Boards of Directors of NuUnion and Detroit Edison Credit Unions approved an intent to merge agreement. The match creates great opportunities for our two individually strong and financially stable credit unions – substantial savings through operational efficiencies, lakeshore-to-lakeshore branch and ATM access, and greater financial resources to provide our members with enhanced, best-in-class products and services. The intent to merge agreement is just the first step in the merger process, which will carry into 2010. NuUnion members will have the opportunity to vote on the agreement (date and time are yet to be determined). And final approval from state and national regulators, Federal Trade Commission, and Department of Justice is needed. The combined organization would be known as Lake Trust Credit Union, and both Boards of Directors will combine to form an 18-member board. As NuUnion's President and CEO, I would become the CEO of the new organization, and Detroit Edison Credit Union's President and CEO William J. Thiess would be the President. It may help to know a little more about Detroit Edison Credit Union. Our organizations have a lot in common – our members-first philosophies, strong and stable financial performances, similar asset sizes, experienced and skilled management team, dedicated staff, and decades of rich history. And our geographic charters complement each other well – Detroit Edison Credit Union operates eight branches east of Lansing in Ann Arbor, Auburn Hills, Brighton, Center Line, Chelsea, Detroit, and Howell. Visit their website at detedcu.org° for more information about their existing organization. We're in the early stages of the merger agreement, and you have our commitment to keep you updated along the way. Be sure to check your mail, NuUnion.org, and our branches for upcoming communication. Don't worry – there aren't any immediate changes that will impact your account. Please continue to use our branches, electronic services, and all other products and services as you normally would. Finally, please be assured NuUnion is not being bought-out or purchased. Both NuUnion and Detroit Edison Credit Unions are entering into this agreement freely. This merger represents a mutually beneficial partnership that would bring together two financially stable organizations to benefit the memberships of both organizations. We have a great opportunity to step ahead for our members. The collaboration would provide long-term confidence and best-in-class products through greater financial resources and increased convenience with branch and ATM locations from Michigan's east to west coast. With $1.5 billion in assets, Lake Trust Credit Union would rank in the top one percent of credit unions nationwide in terms of asset size. NuUnion and Detroit Edison Credit Unions are excited about this opportunity, and we appreciate your thoughtful consideration of our partnership.
°Third-party website. NuUnion is not responsible for content on this site |
