MERGER QUESTIONS & ANSWERS
TRADEWINDS CREDIT UNION AND COMMUNITY WEST CREDIT UNION
WHAT DOES A MERGER MEAN?
Tradewinds Credit Union and Community West Credit Union have entered into a partnership to merge our two credit unions. The combined credit union will retain the name of Community West Credit Union.
WHY HAS TRADEWINDS CREDIT UNION CHOSEN TO MERGE?
For the past several years, it has become more and more challenging for us as a small credit union to maintain and keep up with advancements in digital technology and online banking services for you, our members. Many factors entered in to this decision to merge. The positive is that WE are able to choose our merging partner as opposed to being forced into a merger with an unfamiliar credit union. Your Board has worked very hard over the past several months doing our due diligence in choosing a credit union that best met our interviewing criteria: same philosophy and integrity, size parameters (we did not want to merge with too large a credit union), services/benefits offered, employee retention/benefits, technology, commitment to community/schools, future plans, etc. After interviews with possible merging partner credit unions, we have confidently chosen Community West Credit Union.
As we look to the future, combining forces will allow us to continue to provide you with new and innovative services. The partnership will enable the Credit Union to utilize benefits from the merger and return those benefits back to you in the form of low rate loans, better rates on savings, and increased services. In addition, there will be five additional branch locations for your convenience.
HOW DOES THE MERGER BENEFIT TRADEWINDS CREDIT UNION?
After the merger is completed, Tradewinds members will benefit from additional products, increased services and added convenience!
MORE BRANCHES PROVIDING MORE MEMBER CONVENIENCE!
Once all systems are integrated, members will be able to use all Community West branches for transactions, including the Tradewinds location and ATMs.
COMPETITIVE RATES! Being part of a larger organization will allow us to operate more efficiently. That means we can offer you more competitive loan rates and pay you more competitive savings rates.
Expanded mortgage options ● Business lending ● Greater community involvement ● Expanded school programs ● Same low fee structure-which is reviewed on a regular basis to ensure we are delivering exceptional value to our members and we will remain competitive in the markets we serve.
WHAT HAPPENS TO TRADEWINDS CREDIT UNION EMPLOYEES?
A commitment has been made to retain 100% of the Tradewinds staff. In fact, they will be given added incentive to stay as part of this new and thriving organization with added benefits both personally and professionally. We want you to continue to see the same friendly employees you have grown accustomed to having served you with the same personal touch.
WILL ACCOUNT NUMBERS, PERSONAL CHECKS, VISA CARDS, ATM CARDS CHANGE?
You will be advised once all details are worked out and approvals completed by state and federal organizations: NCUA (National Credit Union Association), and DIFS (Department of Insurance and Financial Services). Community West is part of the Xtend Shared Branching Network meaning you will be able to use many credit unions nearby and hundreds of credit unions throughout the United States. You will be constantly informed of any changes and when new checks are needed, you will be provided with the initial package. All information regarding on-line bill pay and automatic deductions will be provided to you in a timely manner in order to prevent any disruption.
WHAT HAPPENS TO THE TRADEWINDS BOARD OF DIRECTORS?
WHAT IS THE NEXT STEP IN THE MERGER PROCESS?
Merger applications have been submitted to state (DIFS) and federal (NCUA) regulators for review and approval. There will be a special membership meeting of Tradewinds Credit Union members to vote on approving the merger. The Management team of Community West will be present to answer your questions.
WATCH YOUR MAIL FOR A LETTER ANNOUNCING THIS SPECIAL MEMBERSHIP MEETING AND ENCLOSED BALLOT.
Membership Meeting: July 17, 2017 • 5:30 PM • Tradewinds Credit Union • 4555 West River Drive
Ballots will be mailed to you prior to this meeting. You have three options:
Drop completed ballot in the locked ballot box located at Tradewinds Credit Union.
Mail your ballot to Tradewinds Credit Union in the postage paid envelope that will be enclosed.
Attend the membership meeting and cast your ballot at the end of the meeting.
To be counted, your ballot must reach us by the date and time announced for the meeting. An independent agency will count the ballots and issue the results.
NEW NAME/HEADQUARTERS LOCATION?
New name will be Community West Credit Union. Headquarters are located at:
4045 60th Street SE • Kentwood, MI 49512
WHO IS THE NEW CHIEF EXECUTIVE OFFICER OF THE NEWLY FORMED ORGANIZATION?
Jon Looman is the President and CEO of Community West Credit Union
WHO WILL BE THE BRANCH MANAGER OF THE TRADEWINDS LOCATION?
Mary Sullivan, the current CEO of Tradewinds Credit Union and a familiar face to all of you, will continue as the leader of the new Community West Credit Union • Tradewinds Branch.