Merger
Q: What was the result of the NorthStar Vote?
On Saturday October 17, 2020, the NorthStar membership voted at a Special Meeting of Members. At this meeting votes were tallied, and it was announced that members voted to approve the merger between NuMark Credit Union and NorthStar Credit Union. The legal effective date of the merger is January 1, 2021.
Q: How does the merger benefit members?
An exciting benefit of this merger is the added convenience of additional branch locations in the greater Chicagoland area. Additionally, the merged organization will have more resources, allowing the credit union to offer more competitive rates and services, and an expanded ability to invest in new products and services for our members.
Overall the combined assets of the merged organization will be in excess of $500 Million. With 9 branches throughout the Chicagoland area giving us a strong physical presence to serve the combined membership. Additionally, we will have enhanced capabilities to deliver a superior digital experience.
Q: What does the merger mean for you?
At the legal merger date (January 1, 2021), both organizations will continue to serve you “business as usual” at our individual branch locations, and you will continue to access your accounts in the same way you always have. It’s important to note that the same team members that serve you today will continue to do so.
Q: When can I use the newly merged branches?
Between the merger date of January 1, 2021 and the system conversion date in March, you will continue to visit the branches of your home credit union, just like always. Once the system conversion takes place, we will send communications letting you know that you have access to all nine branches. In the interim, both credit unions participate in the Shared Branching Network, so we can perform simple transactions such as deposits, withdrawals, and consumer loan payments at all locations.
Q: Will I continue to get the same service and attention?
Yes. Both organizations are committed to providing high levels of service for members and this will continue to be a focus for the combined organization.
Q: How will I use my accounts going forward?
Right now, you’ll continue to manage your accounts the same way you always have. At this time, there is no change to your account number, and you’ll have all the same services you had before the merger.
Q: Will my rates change?
The rates on fixed rate loans and certificate of deposits (CDs) will remain the same until the end of their existing terms. As always, any CD renewals or new loans are subject to current rates which are determined by several factors including the interest rate environment at the time of a new loan or investment.
Q: Will my accounts continue to be insured?
Yes. Member savings will be federally insured to at least $250,000 by the National Credit Union Administration.
Q: Will you close branches?
There are no plans for any branch closures. In fact, the merger will provide the resources to enhance our branch and digital member experience in the future.
Q: What will change long-term?
In early 2021, we plan to merge our electronic and product systems. As that happens, some members may see changes to their account numbers, routing numbers, or the technology available to them. If you’re among them, know that you’ll receive multiple communications and have the entire NorthStar/NuMark team behind you to help with the transition. Once our systems are merged, you’ll have access to the full combined suite of our combined organization’s technology, products, and services.
Q: Will the Credit Union get a new name?
Both NuMark and NorthStar are proud of the brands they’ve worked hard to build together with their members. During a short transition period NorthStar will legally operate as “NorthStar Credit Union a Division of NuMark Credit Union”. Once the two credit unions have fully integrated, all branches will operate as NuMark Credit Union.
Q: What will happen to my favorite Credit Union employees?
We’re all in this together! Both credit unions will combine their workforces effective January 1, 2021. “Combine” is the key word. You’ll talk with the same helpful team members on the phone and see the same friendly faces in our branches.
Q: Who will lead the combined organization?
Lloyd Fredendall will become the President/Chief Executive Officer of the combined organization as of January 1, 2021 when Ann Dubie, President/Chief Executive Officer of NuMark CU retires.
