Frequently Asked Questions
Each month, we will address the most frequently asked questions about our upcoming merger with SchoolsFirst Federal Credit Union.
Q. Will Schools Financial members have a vote in the merger?
A. Absolutely. Once the credit union regulators have approved the merger, Schools Financial members will be called upon to cast a vote.
Q. Will Schools Financial members automatically become SchoolsFirst FCU members?
A. Yes! All current members of Schools Financial will be members of SchoolsFirst FCU as we operate under the SchoolsFirst FCU charter. Your family members will also be eligible for membership.
Q. What are the benefits to the merger?
A. The benefits are tremendous. We estimate Schools Financial members will benefit to the tune of millions of dollars per year through even lower loan rates, higher deposit rates and lower or no fees.
Q. How many locations will you have after the merger?
A. Locational convenience will greatly increase. The combined organization will have over 60 branches and 300 ATM locations through California. That's a lot more convenience.
Q. What happens to Schools Financial branches and employees?
A. No Schools Financial branches will be closed. In fact, we anticipate the number of branches in Northern and Central California will probably increase as we go forward, and no employees will lose their jobs.
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