At a Special Meeting of the Members on July 16, 2014, the members approved the proposed merger between the two credit unions with an 81% vote in favor of the merger.
Who is the surviving credit union?
Taylor Model Basin FCU will be merged into Constellation FCU, with Constellation FCU being the surviving credit union. Therefore, Constellation FCU will be your new credit union.
When is the merger effective?
When going through a merger, there are two different dates that guide the transition of two credit unions into one; the Legal Merger Date and the Operational Merger Date.
What is the difference between a Legal Merger Date (LMD) and an Operational Merger Date (OMD)?
The LMD will be effective August 1, 2014; this is when the employees and the financials of both credit unions are combined. You will notice little to no change as of August 1, 2014. However, this is not the date in which all the operational processes change.
The OMD is the date all of the processes will be brought into one instead of running on two different systems and we are considered fully merged. At this time, this date has not been determined. We are working with both data processing vendors at this time to determine the target date; although we anticipate by December 31, 2014.
We will update our communications as each process transitions to inform members how the change will impact you and guide you as to what to expect.
See the Constellation FCU website to explore the options.
See our Frequently Asked Questions Page