An Exciting Time for Schools Financial Members
---A guide to the upcoming merger with SchoolsFirst FCU---
We have exciting news! Our regulators have approved the proposed merger of Schools Financial Credit Union and SchoolsFirst Federal Credit Union. By joining together, our two credit unions bring even more value directly to you.
As a member-owned financial cooperative, it's our responsibility to represent your best interests. Through this proposed merger, Schools Financial Credit Union members can look forward to:
- An additional $6.75 million in savings annually from lower rates on loans, higher rates on deposits and reduced fees, according to information compiled by the Credit Union National Association and Datatrac.
- A special one-time dividend, with a total of up to $4.0 million, that will be distributed on a pro-rata basis to eligible members if the merger is approved.*
- Access to more locations and ATMs throughout California.
- Access to more specialized programs and benefits tailored to fit the unique needs of school employees and their families.
About SchoolsFirst FCU
SchoolsFirst FCU is known for their exceptional member service and highly competitive products and services. They are based in Southern California, but serve members statewide. As the largest credit union in California and the fifth largest credit union in the nation, SchoolsFirst FCU will be a strong partner and allow us to provide you with more resources to build your financial security.
Our Boards of Directors and senior management are thrilled to be combining our teams’ knowledge, expertise and passion for serving members. Together, we will be able to better serve you.
We want our members to feel confident and well‐informed throughout this process. Please reference the FAQs below for more details on what this change will mean for you. We will continue to keep you updated throughout this process.
Thank you for your membership and for your support.
*SchoolsFirst FCU’s share par value is $5, whereas Schools Financial’s share par value is $1. In order to equalize these par values, $4 is being paid to each eligible member’s share account (for the first $1) to ensure the par value is $5 after the merger. In addition, a one-time special dividend will be paid on the Member's average month-end share deposit balances in the six-month period from June 1, 2019, to November 30, 2019.