IMPORTANT ANNOUNCEMENT
Due to increased Federal Regulations, the low interest rate environment and 4 consecutive years of losses, the Credit Union Board of Directors voted to explore merger opportunities with a larger, full-time credit union operation. The exploratory committee met with a couple of credit unions and made the proposal to the full Board that we initiate merger discussions with Cove Federal Credit Union (previously known as SEMC Federal Credit Union). Once the Board approved the proposal, the board at Cove Federal Credit Union approved the proposal. We then applied to the NCUA (National Credit Union Administration) for approval. Approval was granted by the NCUA.
On August 27th, a Special Meeting of the members of the St. Joseph Federal Credit Union was held to vote on the proposed merger with Cove Federal Credit Union. Twenty-three members attended this meeting and another 82 members mailed in ballots, for a total of 105 votes cast on this proposal. The Proposal to Merge was approved with 91 votes, 86.67% of the votes cast. The merger is scheduled to be effective October 1, 2014.
The St. Joseph Credit Union office will continue to be open Mondays and Thursdays in September from 7:00 p.m. to 8:30 p.m. The final day for business as St. Joseph Federal Credit Union will be Monday September 29th. At that time, existing accounts will be transferred to Cove Federal Credit Union.
We do plan on maintaining the current office through the end of 2014. Please note that any transactions processed after September 30th will be processed with Cove Federal Credit Union. Monday December 29, 2014 will be the last day that the office at St. Joseph will be open. Please note that we will be monitoring the number of people walking into the office during the months of October, November and December and we receive the right to adjust the amount of time the office is staffed during this transitional phase.
Please feel free to stop in the office during regularly scheduled business hours if you have any questions regarding this merger. Please feel free to contact Cove Federal Credit Union if you have any questions regarding their products and services. Cove’s office is located at 577 Dudley Road, Edgewood, Ky 41017. They can be reached at 859-292-9000. The website is www.covefcu.com.
Thank you to all of our members and former members for your many years of patronage.