The Merger of Honor Credit Union and SIR Federal Credit Union
How Will This Affect Me?
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 SIR Federal Credit
Union will have a vote on whether they want to merge or not.
Q. IS SIR FEDERAL CREDIT UNION 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 SIR FEDERAL CREDIT UNION?
A. Sir Federal Credit Union has a long history serving members in the Negaunee, Marquette, and Gwinn areas.
Q. WHO IS HONOR CREDIT UNION?
A. Honor Credit Union was formed in 1934 and originally served Berrien County educators.
www.sirfcu.com.
www.HonorCU.com
Q. WHO APPROACHED WHO?
A. Credit Unions have a long time history of a cooperative spirit.
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. This merger represents a mutually beneficial
partnership that brings together two organizations to benefit the combined memberships and communities.
Q. WHO WILL LEAD THE NEW COMPANY?
A. CEO (Chief Executive Officer) - Scott McFarland
Northern Division President - Ron Lauren
Q. WHAT WILL THE NAME OF THE NEW CREDIT UNION BE?
A. Honor Credit Union. Sir Federal Credit Union will be changing its name to Honor Credit Union to reflect the partnership between Sir Federal
Credit Union and Honor Credit Union. The name, Honor Credit Union will incorporate the State of Michigan.
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. The projected date that the merger will be official is April 1, 2014.
However, account conversion is projected to happen in June 2014.
Q. WHY DOES THIS MERGER MAKE STRATEGIC SENSE?
A. The collaboration will provide substantial savings through operational efficiencies, broadened branch and ATM access, and greater
financial resources to provide our members with enhanced, best-in-class products and services. This partnership will create an even
stronger organization with a combined asset size of over $540 million.
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 SIR Federal Credit
Union and Honor Credit Union. We’ve seen increased competition 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 ahead for our members.
Q. HOW DO THE TWO MANAGEMENT STYLES AND PHILOSOPHIES COMPLEMENT EACH OTHER?
A. Our organizations have a lot in common — our members-first philosophies, experienced management teams, dedicated staff, and decades
of rich history. Our geographic charters complement each other well. This partnership will result in a combination of 51,000 members.
Visit both websites at the following addresses:
www.sirfcu.com
www.HonorCu.com
Q. WHAT WILL HAPPEN TO THE EMPLOYEES?
A. A great benefit of this merger is that there is no overlap and that positions fit well in each organization.
The team we are bringing
together will enhance service to our members and communities.
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 throughout the State of Michigan. A total of 16 branches will give members
geographical diversification, greater financial resources, along with enhanced products and services.
Q. WILL HONOR AND SIR PRODUCT LINES BE COMBINED?
A. Yes
Q. WILL MY ACCOUNT NUMBERS CHANGE?
A. SR Federal Credit Union Members – To be determined. 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. To be determined. You will be notified in advance of any changes.
Q. CAN I CONTINUE TO USE THE SAME CHECKS, ATM, DEBIT AND CREDIT CARD?
A. SIR 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. SIR 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. Loan accounts will remain the same. A new joint fee schedule will be sent to all members.
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.
FOR MORE INFORMATION PLEASE CALL:
SIR Federal Credit Union Members – 906.475.4149
Honor Credit Union Members - 800.442.2800