Notice of Special Meeting of the Members on Proposal to Merge
Delmar OCF Federal Credit Union
On August 6, 2018, the Board of Directors of your credit union approved a proposition to merge with Sunmark Federal Credit Union. You are encouraged to attend a special meeting of your credit union at 1277 Feura Bush Road, Feura Bush, NY 12067 on November 26, 2018 at 2:00PM.
Purpose of the Meeting
The meeting has two purposes:
- To consider and act upon a proposal to merge our credit union with Sunmark Federal Credit Union, the continuing credit union.
- To approve the action of the Board of Directors of our credit union in authorizing the officers of the credit union, subject to member approval, to carry out the proposed merger.
If this merger is approved, our credit union will transfer all its assets and liabilities to the continuing credit union. As a member of our credit union, you will become a member of the continuing credit union. On the effective date of the merger, you will receive shares in the continuing credit union for the shares you own now in our credit union.
Other Information Related to the Proposed Merger
The directors of the participating credit unions carefully analyzed the assets and liabilities of the participating credit unions and appraised each credit union's share values. The appraisal of the share values appears on the attached individual and consolidated financial statements of the participating credit unions.
The directors of the participating credit unions have concluded that the proposed merger is desirable for the following reasons:
The proposed merger will provide our members with access to a larger organization with more services and loan and deposit products such as state of the art mobile banking, ATMs, full service and more branch locations now and in the future. Sunmark has the same member service philosophy as we do so our members will be treated with the best service. An advisory board, consisting of our board members, will be established. Each of these measures will help ensure our members receive the highest quality service from Sunmark. In addition, our Financial Manager Colleen Sager will become an employee of Sunmark.
The Board of Directors of our credit union believes that the merger should not include an adjustment in shares due to the small size of our credit union.
The main office of the continuing credit union will be as follows: 1187 Troy Schenectady Road, Latham, New York, 12110.
The branch offices of the continuing credit union will be as follows:
- 113 Holland Avenue, Albany, NY 12208
- 267 Delaware Avenue, Delmar, NY 12054
- 2 Tower Way, Clifton Park, NY 12065
- 1616 Broadway, Schenectady, NY 12306
- National CO-OP Shared Branch Network
- 1187 Troy Schenectady Road, Latham, NY 12110
- 1847 Central Avenue, Albany, NY 12205
- 251 Saratoga Road, Glenville, NY 12302
- 1300 Altamont Avenue, Rotterdam, NY 12303
- 202 Northline Road, Ballston Spa, NY 12020
- 1277 Feura Bush Road, Fuera Bush, NY 12067
The current Delmar OCF FCU branch will remain open for no less than one year, if the branch does not operate at a loss or the sponsor no longer provides the office space free of charge.
The merger must have the approval of a majority of members of the credit union who vote on the proposal.
Ms. Colleen Sager, the current financial manager of our credit union, will receive a payment of $30,000 under her existing contract with our credit union. She had voluntarily reduced her salary by $10,000 over the past few years to reduce the operating expenses of the credit union. She is entitled to this payment upon the merger completion. Ms. Sager's employment terms following the merger will consist of an annual salary of $30,000 and participation in Sunmark's employee benefit programs. In the event her employment is terminated without cause, she will be entitled to a payment of $2,500 multiplied by the number of months remaining in the one-year period following the merger.
Enclosed with this Notice of Special Meeting is a Ballot for Merger Proposal. If you cannot attend the meeting, please complete the ballot and return it to E Space Communications Inc., PO Box 3156, Dublin Ohio 43016 by no later than 2:00PM on November 26, 2018. To be counted, your ballot must reach us by the date and time announced for the meeting.
BY ORDER OF THE BOARD OF DIRECTORS:
Board Presiding Officer
October 26, 2018
The consolidated Balance Sheet is available here.
The consolidated Income Statement is available here.