Notice of Meeting of the Members of
St. Patrick's Parish Credit Union
The Board of Directors of St. Patrick's Parish Credit Union has called a special meeting of the members of this credit union at 116 Church Road, Fairfield, Vermont 05455 on Monday, March 16th, 2026 at 6:00pm. The purpose of this meeting is:
- To consider and act upon a plan and proposal for merging St. Patrick's Parish Credit Union with and into Vermont Federal Credit Union (hereinafter referred to as the "Continuing Credit Union"), whereby all assets and liabilities of St. Patrick's Parish Credit Union be merged with and into the Continuing Credit Union. All members of St. Patrick's Parish Credit Union will become members of the Continuing Credit Union and will be entitled to and will receive shares in the Continuing Credit Union for the shares they own in St. Patrick's Parish Credit Union on the effective date of the merger.
- To ratify, confirm and approve the action of the Board of Directors in authorizing the officers of St. Patrick's Parish Credit Union, subject to the approval of members, to do all things and to execute all agreements, documents, and other papers necessary to carry out the proposed merger.
The Board of Directors of St. Patrick's Parish Credit Union encourages you to attend the meeting and vote on the proposed merger. Whether or not you expect to attend the meeting, we urge you to sign, date and promptly return the enclosed ballot to vote on the proposed merger.
If you wish to submit comments about the merger to share with other members, you may submit them to the National Credit Union Administration (NCUA) at
https://www.ncua.gov/support-services/credit-union-resources-expansion/credit-union-merger-resources/comments-proposed-credit-union-mergers. You may also mail your comments to: National Credit Union Administration, Office of Credit Union Resources and Expansion, 1775 Duke Street, Alexandria, VA 22314. The NCUA will post comments received from members on its website, along with the member's name, subject to the limitations and requirements of its regulations.
Other Information Related to the Proposed Merger:
The Board of Directors has carefully evaluated and analyzed the assets and liabilities of the credit unions and the value of shares in both credit unions. The financial statements of both credit unions, as well as the projected combined financial statement of the continuing credit union, follow as separate documents. In addition, the following information applies to the proposed merger.
Reasons for merger: The Board of Directors has concluded that the proposed merger of St. Patrick's Parish Credit Union and Vermont Federal Credit Union is desirable and in the best interests of members for a number of reasons, such as better pricing and services, additional products, enhanced convenience and account access and lower operating costs as a larger combined institution. The merged credit union will also achieve economies of scale which will permit it to better compete in the increasingly competitive financial services industry. By joining together, St. Patrick's Parish Credit Union and Vermont Federal Credit Union will retain their members-first philosophy and be better positioned to serve members now and into the future. As a result, the Board of Directors has determined that the opportunity to merge with Vermont Federal Credit Union is in the best interest of the members.
If the merger is approved by the members, your savings with the Continuing Credit Union will remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration, and backed by the full faith and credit of the United States Government.
Net worth: The net worth of a merging credit union at the time of a merger transfers to the continuing credit union. St. Patrick's Parish Credit Union (13.32%) has a higher net worth ratio than Vermont Federal Credit Union (10.26%).
Share adjustment or distribution: St. Patrick's Parish Credit Union will not distribute a portion of its net worth to its members in the merger. The board of directors has determined a share adjustment, or other distribution of St. Patrick's Parish Credit Union's net worth is unnecessary because the merger provides a benefit to both credit unions and the credit union's desire is to maintain strong capital positioning for further growth and member convenience initiatives.
Locations of merging and continuing credit union: St. Patrick's Parish Credit Union does not currently have a branch location. The nine current Vermont Federal Credit Union branch locations will be available. The combined branch locations are as follows
Vermont Federal Credit Union Branches
| Branch Name | Address | City | State | Zip |
|---|
| Kennedy Drive - South Burlington | 275 Kennedy Drive | South Burlington | VT | 05403 |
| Burlington | 84 Pine Street | Burlington | VT | 05402 |
| Milton | 4 Centre Drive | Milton | VT | 05468 |
| St. Albans | 55 Old Orchard Road | St. Albans | VT | 05478 |
| Middlebury | 1 Court Street | Middlebury | VT | 05753 |
| Rutland | 2 S Main Street | Rutland | VT | 05701 |
| Vergennes | 100 Panton Roads | Vergennes | VT | 05491 |
| Essex | 1 Carmichael Street | Essex Junction | VT | 05452 |
| Barre | 315 North Main Street | Barre | VT | 05641 |
Changes to services and member benefits: The credit unions have made no post-merger plans to reduce branch facilities, ATM network access, or existing accounts and services offerings currently offered or available to St. Patrick's Parish Credit Union members.
Member Approval and Ballot:
Please note that the proposed merger must have the approval of the majority of members who vote. In accordance with its Bylaws, St. Patrick's Parish Credit Union is conducting the member vote on the merger proposal through a mail-in, in-person or electronic ballot to the St. Patrick's Parish Credit Union members. The ballot distribution, collection, custody and tabulation will be conducted by an independent third party company, CU Ballot.
If you cannot attend the meeting or vote electronically, please complete the Ballot and return it to:
CUBallot - Election Processing E Space Communications Inc.
P.O. Box 3156
Dublin, OH 43016-9842
To be counted, your Ballot must be received by March 16th, 2026, at 6:00pm. You may also cast your vote in-person at the meeting.
BY THE ORDER OF THE BOARD OF DIRECTORS:
