Vote of members to convert from a state to a federal chartered credit union
This serves as official notice given of a vote of the members of GECU. There is important information for your consideration and the deadline of the vote is October 30, 2021.
- You may vote by electronic or mail-in ballot.
The proposition for conversion shall be decided by the affirmative vote of a majority of the members who vote on the proposal.
Members will vote on the following resolution:
"RESOLVED," That GECU be converted to a federal credit union chartered in accordance with the Federal Credit Union Act and operation under the laws of the state of Texas be discontinued.
RESOLVED FURTHER, That the Board of Directors and the officers of this credit union are hereby authorized and directed to do all things necessary to effect and to complete the conversion of this credit union from a state to a federal chartered credit union.
Other Information Related to the Proposed Conversion:
The Board of Directors of GECU has given careful consideration to the advantages and disadvantages of the proposed conversion and believes it to be in the interest of the members for the following reasons:
- GECU will retain 100% of its current membership and there will be no disadvantages or adverse changes in service or benefits to our current membership.
- GECU will retain the name GECU.
- GECU will increase its reach and be able to serve more members and communities.
Please note that the proposed conversion must have the approval of majority of members who vote.
We have hired an independent third party to process and count the vote. To be counted, your ballot must be received by October 30, 2021.
The Board of Directors unanimously recommends that the members approve the proposal to convert to a federal charter.
The members' accounts will continue to be insured by the National Credit Union Share Insurance Fund.
BY THE ORDER OF THE BOARD OF DIRECTORS
To review frequently asked questions regarding a state to federal conversion, click here.