On May 19, 2023 the Board of Directors of your credit union approved a proposition to merge with United Equity Credit Union and to convert from federal share (deposit) insurance to private insurance. You are encouraged to attend a special meeting of our credit union at United Equity Credit Union, 1130 East Pershing Road, Decatur, IL 62526 on October 19, 2023, at 5:30 PM (CT) to address this proposition.

Purpose of Meeting The meeting has two purposes:

  1. To consider and act upon a proposal to merge our credit union with United Equity Credit Union, the continuing credit union.
  2. 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.

Insurance Conversion
Currently, your accounts have share insurance provided by the National Credit Union Administration, an agency of the federal government. The basic federal coverage is up to $250,000, but accounts may be structured in different ways, such as joint accounts, payable-on-death accounts, or IRA accounts, to achieve federal coverage of much more than $250,000. If the merger is approved, your federal insurance will terminate on the effective date of the merger. Instead, your accounts in the credit union will be insured up to $250,000 by American Mutual Share Insurance Corporation (American Share), a corporation chartered by the State of Ohio. The federal insurance provided by the National Credit Union Administration is backed by the full faith and credit of the United States government. The private insurance you will receive from American Share, however, is not guaranteed by the federal or any state or local government.


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:

Celebrating over 88 years, United Equity Credit Union has a full range of products and services, including those that you currently enjoy, along with other benefits such as:

  • Three Locations with Drive Thru and Saturdays Hours
  • Checking Accounts, Share Draft Accounts and Debit Cards
  • Access to CO-OP's 5,300+ Shared Branch Locations and 55,000+ Allpoint Surcharge-free ATMs Worldwide
  • Bill Pay with Picture Pay and eBills
  • Mobile Banking with Mobile Deposit
  • Mortgage and Home
  • Equity Loans
  • Certificates of Deposit Including a Youth Certificate Program
  • Safety Deposit Box Services

The Board of Directors of our credit union believes the merger should not include an adjustment in shares for the following reason: Our credit union's share value is less than United Equity's Credit Union's share value, so no adjustment is necessary.

The main office of the continuing credit union will be as follows:

  • 1130 East Pershing Road, Decatur, IL 62526

The branch offices of the continuing credit union will be as follows:

  • 3695 East William Street Road, Decatur, IL 62521
  • 687 Lincoln Street, Galesburg, IL 61401

Decatur Medical Dental Credit Union, located at 2721 North Main Street, Decatur, IL 62526, will close at the time of merger.

The merger must have the approval of a majority of members who vote on the proposal, provided at least 20 percent of the total membership participates in the voting.

Enclosed with this Notice of Special Meeting is a Ballot for Merger Proposal and Conversion to Nonfederally-insured Status. If you cannot attend the meeting, please complete the ballot and return it to E Space Communications Inc., PO Box 3156, Dublin, OH 43016 by no later than 5:30 PM (CT) on October 19, 2023. To be counted, your ballot must reach E Space Communications Inc. by the date and time announced for the meeting.

By order of the Board of Directors

David Overlot
Chairman of the Board of Directors
September 20, 2023