February 13, 2023
Dear Powerco Federal Credit Union Member:
This ballot presents an exciting opportunity for all of us to vote on a new direction for Powerco Federal Credit Union (Powerco).
Over the last several years, the feedback we have received from the Powerco membership has clearly indicated a desire for better rates, low fees, additional products and services, and more full-service branches. It’s the opinion of the Powerco Board of Directors that the best path for the future of Powerco lies in a merger with APCO Employees Credit Union (APCO).
Powerco and APCO have a strong financial foundation, and both serve employees of Southern Company and its affiliates and have many shared members, values, and approaches to serving their membership. Twice recognized by the Credit Union National Association as the nation’s top credit union for delivering benefits to members, APCO serves 73,000 members, has 20 branch locations, and a 24/7 dedicated contact center to respond to member needs. Plus, APCO offers account access at over 5,600 shared branch locations and 30,000 ATMs throughout the United States.
APCO total assets are approximately $3.5 billion, compared with Powerco total assets of approximately $200 million. By merging Powerco’s 15,000 members, the combined credit union will be poised to provide Powerco members enhanced customer service, greater investment in technology, higher savings rates, low fees, and a wider range of products and services to employees of Southern Company and its affiliated companies. Merging with APCO will allow for additional branch growth throughout Southern Company’s territory, and your deposit accounts will continue to be safeguarded and federally insured, as they are now. Furthermore, Powerco will continue to be staffed with the same great team dedicated to providing exceptional member service. The Board of Directors of Powerco is confident this proposed merger presents a beneficial opportunity to ensure the long-term sustainability of Powerco and its membership. We encourage you to visit the links below to learn more about APCO Employees Credit Union as well as answer any questions you have about the merger and the merger process.
For more information, visit powerco.org/home/aboutus/merger or scan the QR Code below with your digital device.
To proceed with the merger a request was submitted, as required by the National Credit Union Administration (NCUA), for review and permission for us to proceed. The approval to merge was granted by the NCUA on January 26, 2023.
The Powerco Board of Directors is pleased to present you, our valued member, with the opportunity to vote on this very important recommendation. In order to finalize the merger, a membership meeting must be held to vote for and approve the merger with APCO Employees Credit Union. A membership meeting is currently scheduled for March 30, 2023, with a completed merger targeted by April 1, 2023. You have the option to vote early either electronically using the link below or you can vote early using the enclosed mail in ballot. You can also wait and vote at the membership meeting.
We recommend a YES vote on the ballot. It is truly a win-win for all of us!
Powerco Board Chair
You may view/download the entire election packet here.