Notice of Special Meeting of the Members of Standard Register Federal Credit Union
NOTICE IS HEREBY GIVEN that a special meeting of the members of this credit union has been called and will be held at 175 Campbell Street, Dayton, OH 45417, on August 5, 2020, at 5:30 p.m. for the following purposes.
- To consider and act upon a plan and proposal for merging Standard Register Federal Credit Union (SRFCU) with Pathways Financial Credit Union (Pathways),
whereby all assets and liabilities of SRFCU will be transferred to Pathways and all members of SRFCU will become members of Pathways and will be
entitled to and will receive shares in Pathways for the shares they own in SRFCU on the effective date of the merger.
- To ratify, confirm and approve the action of the Board of Directors of SRFCU in authorizing the officers of SRFCU, subject to the approval of the members, to do all things and execute all agreements, documents and other papers necessary to carry out the proposed merger.
The directors of Pathways and SRFCU carefully analyzed the assets and liabilities of each credit union and appraised each credit union's share and loan values. They determined that the net worth of Standard Register Federal Credit Union (merging credit union) is 18.98%. SRFCU wishes to recognize its members for maintaining deposits and loans with the Credit Union and will distribute a portion of its net worth to its members as part of the merger. The board of directors has agreed to distribute $1.5 million of SRFCU’s net worth as a special dividend to members. The dividend will be based on the average of members' savings and loan account balances as of December 31, 2018, and December 31, 2019. All closed accounts and negative balance accounts will be excluded from the special dividend. All eligible accounts will receive at least $25, and the maximum paid to any one account will be $5,000. If the merger is approved, the special dividend will be distributed into each eligible member’s share account prior to the merger effective date.
The directors of Pathways and SRFCU have reached the conclusion that the proposed merger is desirable for the following reasons:
This strategic merger will result in members of SRFCU gaining access to a number of new services and enhanced electronic access to their credit union membership accounts. Members will also gain additional full-service branch access, as the combined credit union will offer thirteen (13) full-service branches.
Pathways will be delivering a comprehensive digital experience for SRFCU members. Pathways has the resources to improve our members’ banking experience with the latest digital technologies, including a full-service online banking program with bill pay, mobile check deposit, mobile banking, person-to-person payment, text banking, 24/7 online loan applications, and more!
Both credit unions share similar philosophies and a commitment to a high level of service. Aside from the benefits of an increased branch network and access to new products/services, members should see very little change during the transition. All staff members employed by SRFCU will continue to be employed by Pathways.
If this merger is approved, SRFCU members will automatically become Pathways members. Each of the branches will continue to deliver the same high
level of localized service to members. The main office of Pathways is located at 5665 North Hamilton Road, Columbus, OH 43230.
To comment on the SRFCU and Pathways merger, please
Enclosed with this Notice of Special Meeting is a Ballot for Merger Proposal. There are three easy ways to cast your vote:
- Online: Visit www.stdregfcu.cuballot.com.
- By Mail: Complete and return your ballot in the enclosed postage-paid envelope so it is received by 5:30 p.m. on August 5, 2020. Branches cannot accept ballots or mail ballots for members.
- In Person: Attend and vote during a Special Member Meeting, which will be held at 5:30 p.m. on August 5, 2020, at 175 Campbell Street, Dayton, OH 45417.
BY ORDER OF THE BOARD OF DIRECTORS: