PSB Merger
Q: Are there any changes to the Mortgage Servicing of Escrow Loans?
Effective as of 5/15/23, Mortgage Servicing of escrow loans from Pioneer State Bank were transferred to Midwest Loan Services. All transferred mortgages are active online, and borrowers can access their accounts online from https://www.midwestloanservices.com/. All payments should be mailed to NuMark Credit Union/Midwest Loan Services, P O Box 209, Hancock, MI 49930. Please email PSB Loan Servicing PSBLoanServicingXfr@numarkcu.org if you have any questions.
Q: How does the merger benefit Pioneer State Bank Customers?
Once the merger is complete, our newest members from the Pioneer State Bank will be able to take full advantage of NuMark’s financial services including Free Checking with Rewards, Instant Issue Debit Cards, Debit Card Controls, Free Mobile/Online Banking, Member Bonus Rewards, 55,000+ Surcharge Free ATMs Worldwide, and 5,600 Shared Branch Locations Nationwide.
Q: How is a credit union different from a bank?
A credit union is a not-for-profit financial cooperative that is owned and operated by its members. Members of a credit union share a common bond, also known as the credit union’s “field of membership.” Like banks, credit unions accept deposits, make loans, and provide a wide variety of other financial services. Profits made by credit unions are returned to members in the form of reduced fees, higher savings rates, and lower loan rates.
Q: How will I receive additional information going forward?
Q: How will I use my accounts going forward?
Q: What does the merger mean for you?
At the legal purchase date, April 1, 2023, 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: What kind of account changes should I expect?
Q: What will change in the long-term?
At NuMark Credit Union, our mission is to enrich the financial lives of our members. As a member of the NuMark Credit Union family, you can expect to receive the same great level of personalized service you have come to know and love, while experiencing an expanded suite of products and services to help you do more with your money.
Q: What will happen to my favorite Pioneer State Bank employees?
Q: When can I use the newly merged branches?
Between the purchase date, April 1, 2023, and the conversion date of July 10, 2023, Pioneer State Bank customers will continue to visit Pioneer State Bank branches, and NuMark Credit Union members will continue to visit NuMark Credit Union branches, just like always. We will send communications leading up to the system conversion and will let you know when you have access to all thirteen branches.
Q: When will Legacy Pioneer State Bank customers have access to all of NuMark Credit Unions ATMS, Branches and Shared Branches?
Q: When will the Pioneer State Bank Branches be closed for conversion?
Q: Who is the leader of NuMark Credit Union?
Lloyd Fredendall is the President and Chief Executive Officer. Lloyd has been the President & CEO of NuMark Credit Union since the merger between the NuMark and NorthStar Credit Unions on January 1, 2021. Prior to the merger Lloyd spent forty years working in the financial institution arena, thirty as the President & CEO of NorthStar Credit union. He has served on numerous Chamber, CUSO, charitable, and credit union industry organization Boards of Directors over the years.
Upon graduation from Northern Illinois University in DeKalb, Illinois with a Degree in Finance, Lloyd began his career as a Bond Underwriter for troubled Banks and Savings and Loan Associations. He then moved on to the Federal Home Loan Bank of Chicago as a Field Examiner during the Savings and Loan Crisis, where he served as both Examiner-in-Charge and Assistant Examiner on Savings and Loan regulatory and safety and soundness examinations across the United States.
Lloyd became involved in the credit union industry when he accepted a position at the State of Illinois Department of Financial Institutions (DFI), Credit Union Division. Serving as both Assistant Supervisor & Acting Supervisor of the Credit Union Division, his responsibilities included the oversight of all Field Examiners and was charged with oversight of the regulation, supervision, and examination of all Illinois State Chartered Credit Unions. Lloyd left the Department of Financial Institutions to become President of the NaperTech Federal Credit Union which after converting to a State of Illinois charter changed its name to NorthStar Credit Union.
Q: Will I continue to get the same service and attention?
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. To learn how to gain more coverage, visit https://mycreditunion.gov/insurance-estimator.
Q: Will the Pioneer State Bank branches close early on Friday, July 7th?
Q: Will there be a Shred Day at one of the Pioneer State Bank Branches?
Yes, Join us for Shred Day from 9:00 AM to 11:45 AM at the Earlville Branch. Shred up to two paper boxes of papers and electronics. The perfect time to get rid of old personal documents. Closed bags and boxes with lids only. Tube televisions, cloth or metal items, glass, monitors, and clothing are not accepted.
Q: Will you close branches?
All of the branch locations you have come to know and love will remain open to serve you. We have no intention to close any locations in the foreseeable future. Beginning July 10, 2023, you will have access to an expanded branch network including nine additional NuMark locations and over 5,500 participating CO-OP shared branches nationwide.
