A Letter to our Members
April 30, 2008
Dear Member:
We have very exciting news to share with you, news that will make your credit union stronger and better in virtually every way and will help to even further solidify your financial future.
After months of discussion and analysis, Genisys has made the decision to merge with USA Credit Union of Auburn Hills. Our new organization will be called Genisys Credit Union, but more about that later.
First the question that’s probably uppermost in your mind, “Why are we merging and what’s in it for me as a member?” The answer is that our merged credit union will be a much more substantial player in the credit union industry. We will be able to access funds more easily and less expensively. This translates into improved rates and higher dividends for you. We’ll offer more branches, more services, more expertise, more convenience and more opportunities to add to member benefits in the future. Most importantly, we’ll still be your credit union and your interests, as always, will be our Number One priority.
Combining two healthy credit unions will make us even stronger and better in every respect. And because of the existing similarities and shared values between Genisys and USA Credit Union, we believe this particular combination will be better than most. We are taking two very strong institutions and merging them to make one even stronger one. The newly merged credit union will be among the top 100 credit unions nationwide in terms of assets ($1.2 billion). That gives us more clout and more negotiating power than we ever could have had individually, and this again results in better opportunities for each of our members.
Genisys comes straight from our roots – “Gen” from the General Motors members who started Genisys and “isys” from the Unisys members who form the foundation of USA. We are not forgetting who we are or where we came from. We are Proud of our Past and Passionate about Our Future. We are not forgetting that our members are the reason we exist and we are not in any way forsaking the community values that have made our organization what it is today. We look forward to taking your credit union to the next level – in the credit union world and in your world.
Over the next few months we’ll be providing you with added information on our proposed merger and what it means to you. This is critically important because in August you will be asked to cast your vote to approve the merger. We’re hoping for a 100 percent approval rate, as we already have from both of our boards, and will provide you with all the information you’ll need to cast a positive vote. Once the vote has been taken we’ll move forward to form our new credit union and plan to open our doors under the Genisys banner in January 2009.
As your CEO I am extremely excited about this new opportunity. I will remain as CEO of the merged credit union and our board and management team will be comprised of leaders of both T & C and USA Credit Union.
Thank you for your membership and for your confidence in T & C. Please contact 248-858-2323 if you have any questions or concerns about the proposed merger. In the meantime, we will continue “business as usual” and will do everything in our power to provide you world class service and to earn your continued trust now and in the future.
Sincerely,
Dianne Addington
President & CEO
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