The Board of Directors and Management of People Driven Credit Union (PDCU) are pleased to inform you we plan to partner with Community Alliance Credit Union (CACU). We believe you will find this an exciting enhancement to your membership.
Through this merger partnership, you will continue to have your connection with the PDCU employees you have grown to enjoy and appreciate. You will also gain additional benefits like a full suite of business account products and services and an additional branch location (37401 Plymouth Rd, Livonia, MI 48150).
In selecting a merger partner, your Board of Directors and credit union leadership were looking for an organization that fits well with PDCU in the following ways:
- Leadership who fostered a culture and shared a vision consistent with People Driven Credit Union.
- Caring about their employee team and membership like we care about our PDCU family;
- Bringing significant benefits to both memberships in terms of access, future financial security, and technology.
- Finally, just as important, committed to exceptional service and innovative products that meet the needs of the credit union membership.We found all this and more in Community Alliance Credit Union and know that this partnership will provide both credit union memberships with a significantly improved membership experience. We are thrilled to have found an organization and team that fits People Driven Credit Union well. Please see the attached Frequently Asked Questions (FAQ) document for more information about your membership and the merger (this document will also be available on our blog peopledrivencu.org). In addition, we will continue to communicate with you as the merger implementation takes place and are available to serve you and answer your questions.You may learn more about Community Alliance Credit Union at communityalliancecu.org.
We found all this and more in Community Alliance Credit Union and know that this partnership will provide both credit union memberships with a significantly improved membership experience. We are thrilled to have found an organization and team that fits People Driven Credit Union well.
Please see the attached Frequently Asked Questions (FAQ) document for more information about your membership and the merger (this document will also be available on our blog peopledrivencu.org). In addition, we will continue to communicate with you as the merger implementation takes place and are available to serve you and answer your questions.
You may learn more about Community Alliance Credit Union at communityalliancecu.org.
What are the next steps?
CACU and PDCU will continue the due diligence process while obtaining regulatory approval from the appropriate regulatory bodies (DIFS and NCUA). People Driven Credit Union’s Board of Directors unanimously endorses this merger and appreciates your continued support. Please watch your mail, email, and website for more information about these exciting developments at PDCU.
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We are always looking for ways to improve service, and access for People Driven Credit Union members and provide future enhancements and upgrades to services.
In addition, both credit unions share a culture guided by service to our members. With our member-centric focus, we bring together two like-minded credit unions. This merger allows two healthy credit unions to combine their vision, experience, and resources to benefit the combined membership, employees, and communities
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Combining operational resources and talent will enable our two strong credit unions to expand the branch networks and access offerings to our memberships. In addition, a robust combined asset and capital base will assist us in keeping rates on financial products and services advantageously priced, position the credit union for continued growth and expansion, and allow us to deepen our community involvement.
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- Convenience: Members will now have access to five diverse branch locations. At our combined size, we would be able to consider expanded branch operations and other improvements to be more convenient for our members.
- Member Service: As a larger organization, we will be able to invest more in better service to our members.
- Expanded/Improved products and services: Our larger size will allow us to consider many new and expanded products (including business accounts) and services.
- Technology: Improved technology through the latest offerings in online banking, mobile banking, digital, and continued security enhancements.
- Competitive loan and deposit rates for members: By taking advantage of economies of scale (cost savings) on operating expenses, we will be able to pass those savings along to you, the members, through higher dividends, lower loan rates, and reduced fees.
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We believe this partnership is a great fit because we share a common commitment to our members, employees, and communities. Our strong core values guide us, and we firmly believe in the importance of taking care of our members. It is our mission to do so.
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The continuing credit union’s name will be People Driven Credit Union. We would also like you to know that the name says it all – Serving “People” is what drives us – the “People” in our memberships and the “People” in the communities we serve.
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The formal merger is expected to occur sometime around January 2023. That is step one. Step two consolidates Community Alliances Credit Union members’ information through a data conversion to the People Driven Credit Union’s system. That process should take place in March 2023.
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The new combined credit union would serve over 30,000 members with over $460 million in assets.
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It is the intent to keep all branches open. People Driven Credit Union has four branches in Southfield, Ypsilanti, Romeo, and Warren. With the Community Alliance branch in Livonia, the combined five branches fit nicely to provide service to a broader community. All the branches have drive-thru service available and feature 24-hour ATM access.
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Both credit unions have been working together to develop a well-defined process for managing the integration. The merger is a top priority beyond the continued daily service to members. Systems, policies, accounts, teams, branches, training, member communication, etc., are considered. The management of both credit unions is excited and confident about combining the best practices of both credit unions.
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We anticipate no immediate changes to account numbers. However, if any changes need to be made, we will work to ensure a seamless transition so you can conduct your credit union business as you always have.
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You can rest assured that your debit card will be connected to your existing People Driven Credit Union account as it is today.
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Your People Driven Credit Card will not be affected by the merger. Community Alliance Credit Union credit cards will be replaced upon the expiration of those current cards. The new cards will be issued with the People Driven Credit Union (PDCU) name.
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No, your deposits will continue to be processed as they do now.
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No, The People Driven Credit Union’s routing will remain the same. However, once the merger occurs, the Federal Reserve will know that Community Alliance items need to come to us. So, eventually, the combined credit union will use only the People Driven Credit Union routing number.
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Yes, the standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category. If you plan to have more than that on deposit, call us to find out how to protect deposits beyond that base amount covered by the NCUA.
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People Driven Credit Union’s current President/CEO, Renee DeMarco, will serve in that capacity of the combined credit union. Renee has been the President/CEO of PDCU for ten years and a credit union President/CEO for 23 years throughout her career. In addition, Michele Wollard, President/CEO of Community Alliance Credit Union for 30 years, will be stepping down after the merger.
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The new Board of Directors (BOD) will consist of all existing board members of both credit unions who wish to continue to serve as Directors. In addition, the newly combined BOD will appoint its Board Officers as appropriate.
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Both credit unions have been working together to develop a well-defined process for managing the integration. This partnership is a top priority beyond the continued daily service to members. Our systems, policies, accounts, teams, branches, training, member communication, etc., are being considered. The management of both credit unions is confident about combining the best practices of both organizations to benefit all members.
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They will pay up to $250,000 per shareowner. If you plan to have more than that on deposit, give us a call to find out how to protect deposits beyond that base amount covered by the NCUA.
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Yes, sometime soon, all Community Alliance members will see the People Driven Credit Union logo on all materials they receive from the credit union.
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Yes, sometime soon, all Community Alliance members will see the People Driven Credit Union logo on all materials they receive from the credit union.
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Yes, all rates and terms of share certificates currently held by Community Alliance Credit Union members will be honored as initially contracted. At maturity, you will have the option to redeem your funds or allow the certificate balance to roll over to the closest term certificate offered by People Driven Credit Union at the current offering rate.
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Nope! You have a contract, and the rate and terms you have as a Community Alliance Credit Union member will be honored for the term of that loan.
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There is nothing to transfer to People Driven Credit Union. However, you can apply for a new credit card with people driven credit union or continue to use your current card.
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Yes, all rates and terms of share certificates currently held by Community Alliance Credit Union members will be honored as initially contracted. At maturity, you will have the option to redeem your funds or allow the certificate balance to roll over to the closest term certificate offered by People Driven Credit Union at the current offering rate.
