Potential Merger Announced
The Board of Directors of Town & Country Credit Union and Capital Credit Union are pleased to announce that they have agreed to pursue a possible merger. The potential merger is contingent upon successful due diligence, an affirmative membership vote and regulatory approval.
Capital Credit Union and Town & Country Credit Union are both healthy, financially strong organizations that continue to experience growth. A merger between the credit unions would provide additional convenience to members with 20 branch locations paired with the technology that each credit union has to offer.
The merger is an incredible opportunity for Town & Country Credit Union, its members and employees. Combining resources will provide the ability to take advantage of the key strengths of each credit union, providing an even more attractive portfolio of products and services for members.
Information about where and when a merger vote would take place will be provided to the membership after successful completion of the due diligence.
Frequently Asked Questions:
Why are we considering merging?
◊ A merger allows two healthy credit unions to combine their vision, people, experience and resources for the benefit of the membership, employees and communities.
Will there still be local decision making?
◊ Yes. We anticipate having management across all markets, as well as key employees throughout the region to leverage existing knowledge and expertise, just as it is now for both organizations.
What are the benefits to me, as a member?
◊ We believe we can provide additional convenience for our members with 20 branch locations and the technology each credit union has to offer.
» Capital Credit Union has 10 locations throughout Bismarck, Mandan, Beulah, Hazen, New Salem and Fargo.
◊ We can create a portfolio of products that will be more attractive to our members, by taking advantage of the key strengths of each credit union.
◊ Combining the financial capital of both credit unions, as well as further diversifying our membership, loan and savings portfolios, will allow us to compete more effectively in a rapidly changing financial marketplace.
◊ By leveraging the strengths and expertise of each organization the credit union will continue to grow and prosper.
What will change regarding the Board of Directors and their representation?
◊ All current directors will serve on the newly formed 18 member board. As a new organization, those 18 directors will represent all 48,000-plus members.
Will any staff be laid off as a result of the merger?
◊ There is no intent to eliminate jobs as part of the merger. Some positions may evolve or change in responsibilities, and any open positions would continue to be evaluated for refilling, just as each credit union does now.
Will my branch remain open?
◊ At this time there are no plans for any branch closures.
What will be the name of the credit union?
◊ A new name will be chosen and approved by the Board of Directors.
What is the proposed merger process and timeline?
◊ Each credit union will now be performing due diligence to identify the viability of a merger. After due diligence is completed, we will seek regulatory approval and an affirmative vote of our membership.
◊ Members will receive notification of the date of the meeting for the proposed merger vote. Tentatively we are looking for the vote to be held in early May.
How would member accounts be impacted?
◊ Your accounts will continue to be federally insured by NCUA.
◊ We’ll also be sure to keep members informed of any pertinent information as the merger progresses.
Who should we contact if we have questions?
◊ Contact your local Town & Country Credit Union location with any questions.