August 25, 2020
Since the founding of Columbia-Greene Federal Credit Union (CGFCU) its purpose has been to provide quality products and services at attractive rates with top-notch member service. Your volunteer Board of Directors has been steadfastly committed to ensuring that your membership in the credit union provides a great value to you.
After much careful consideration, the board has determined that our members will be best served by partnering with Sunmark Credit Union (Sunmark CU) via a member-approved merger. The recommended merger offers:
- Exceptional value for your membership with attractive rates on savings and loan products.
- A full array of member services for both individuals and businesses.
A membership vote is required for this to move forward. We request your support with your “Yes” vote. A Membership Meeting is being called for this purpose on October 27, 2020, as outlined in the enclosed notice. The projected date for the merger to occur is October 31, 2020. Federal and state regulators have already given their approval for the merger.
CGFCU has found challenges to growth, which is critical. Our members need and use additional products and services that are difficult for a small credit union to provide. Although the financial position of CGFCU is excellent, we need to do more. The Board of Directors believes that the best way to provide this is to merge with a credit union that shares our same member-driven focus. That is Sunmark CU.
Additional areas that continue to specifically challenge small credit unions like CGFCU are increasing compliance requirements and technology costs. Compliance burdens have grown markedly over the past several years, costing small credit unions significant time and financial resources. Cyber-Security is another area requiring more and more expertise, the cost of which, for a small credit union, is exorbitant. CGFCU has done a great job in meeting these challenges, but Sunmark CU can better meet them for our members both now and in the future.
Yes, change can be difficult, but we are excited about the opportunities available to our members through the merger with Sunmark CU. CGFCU and Sunmark CU are committed to providing a very smooth transition. Additionally, all the voices and faces you have become accustomed to at CGFCU will be part of the Sunmark Credit Union team. There will be no staff reductions based upon the merger.
A Frequently Asked Questions listing can be found on our website homepage www.cgfcu.org.
The staff and Board of Directors of Columbia-Greene Federal Credit Union appreciate the trust you put in us to serve you. We hope you will support this merger as the best path forward.
CGFCU Board of Directors:
|Thomas (Tom) Messina
|Pamela (Pam) Dusharm
|Robert (Bobby) Yusko
James (Jim) Riley