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CUA Insider
Important CUA Member Vote

Important CUA Member Vote

The CUA Board of Directors has entered into an Intent-to-Merge agreement with Central Kansas Credit Union (CKCU). The Merger requires a vote from both credit unions’ memberships with an affirmative result. Your Board of Directors and CUA Chief Executive Officer, Frank Shoffner, are in favor of this merger, believing it will contribute to CUA’s existing financial strength that allows us to provide innovative and value-priced services for all CUA members.

Who is CKCU?
• $36 million in assets
• A community-chartered credit union, headquartered in Hutchinson, Kansas.
• CKCU has seasoned leadership and employs 15 individuals

What does this merger mean to CUA members?
• CUA will be the surviving credit union
• Existing branches and services will not change due to the merger
• CUA members will have two new offices in Hutchinson and Pratt, Kansas
• CKCU is a well-run credit union that will not task CUA’s strength or financial foundation
• Upon merger, two seats will be added to the Board of Directors to insure representation from the CKCU communities

Why this Merger is a good idea
• The merger will expand CUA’s markets to include not only Hutchinson and Pratt, but also adjoining counties
• Market expansion enhances CUA’s long term success through growth of CUA’s membership base
• Products and services will be greatly enhanced for CKCU members

Who can vote and how
• One vote per member
• The primary member on the account is eligible to vote, must be 16 or older
• Ballots and return envelopes are available at all CUA offices March 1, 2018
• Ballots must be received at the address on the envelope provided by midnight, Friday, March 23, 2018

• OR – ballots may be cast at CUA’s Annual Meeting on Tuesday, March 27, 2018.  Reservations required by calling
316.265.3272 ext. 22

If you have questions about the Merger or Vote, please contact CUA CEO, Frank Shoffner at 316.265.3272 ext.143



Comments
Max Bringle
As a long time member and former
Employee of Central Kansas Credit Union , I am pleased to see that steps have been taken to insure the long term growth and stability of our financial institution. I have known CUA as a high quality organization for a long time. Would you please advise the results of member voting in March and timelines we might expect moving forward, assuming of course there was an affirmative response.
4/3/2018 11:05:11 AM

Credit Union of America
Thank you for your question. Yes, we definitely agree that all members should have access to vote and ballots were mailed to all members that requested a ballot prior to the vote. Online voting was considered, but due to the timeline of the vote it was not feasible.
3/28/2018 11:15:17 AM

Judy S
Just saw the posting of the merger. And several members questions about absentee ballots. Although other questions have been addressed by CUA, that one has not. Can someone please answer the question? All members should be able to vote no matter where they live.
3/27/2018 2:54:39 PM

Carolyn Kern
How do I vote, I don't live in Wichita or Great Bend, nor can I attend the annual meeting. Are ballots not being mailed to all members?
3/20/2018 2:28:11 PM

Crystal Tolbert
As a previous and long-time resident of Hutchinson, I'm quite familiar with CKCU. (I even banked there in my prior life. :) )

Since I still have friends/family there, I do frequent this area and have had need to conduct business but, to-date, have always had to locate a co-op. In theory, this sounds like a wonderful course of action and, I believe, should be well-received there/by CKCU's members, too.

My only concern would be in THEIR financial condition, so as to not undermine or create a detriment to CUA's. Otherwise, I'd gladly support this endeavor.
3/18/2018 4:51:29 PM

Tamara Krom
I currently live in Pratt and this would be awesome to have a branch locally!
3/18/2018 3:33:19 PM

Enigma Fan
Pleased to read Enigma's queries (appreciate your command of the language). More so, quite content with CUA's responses - appreciate that you have nothing to hide, that financials and speaking with the higher ups is on the table. Thank you all.
3/16/2018 11:13:42 AM

Credit Union of America
Thank you for your questions about our Vote on the proposed merger with CKCU. There are specific regulations on when and how we must notify our members of a proposed merger, of which we have met those guidelines. For practical purposes, our ballots were prepared to be distributed on Thursday, March 1 and the first blog information was posted on Monday, March 5 after we confirmed that all CUA branches had received their ballots. The voting rights of our members is significant in differentiating Credit Unions from for-profit entities and is highly regarded by Management, staff, and volunteers.

Regarding our new CEO, Frank Shoffner, he has worked for CUA for 23 years, and has not worked for nor been associated with CKCU in the past. Merger discussions were in process with our previous CEO, prior to Mr. Shoffner’s appointment. Mergers between credit unions are a bit different than for-profit entity mergers, as there is no money exchanged to “acquire” the non-surviving credit union. The two credit unions combine assets into one financial cooperative, which is the “surviving credit union”. In this case Credit Union of America would be the surviving credit union.

If you would like to look at the financials of either credit union, there is public data on all credit unions that can be found at www.NCUA.gov. If you would like to speak with our CEO or CFO about specific financial questions, please email us at info@cuofamerica.com with your name, contact information, and best time to reach you. Our goal is to provide the information needed for our members to make an educated decision when they cast their vote.
3/15/2018 5:46:36 PM

Enigma
I'm seeing this announcement as-of 15 March 2018; yet the ballots were printed and ready as-of 1 March 2018. Is this plebiscite only a mere formality?

Recall that CUA recently acquired a new CEO: Frank Shoffner. Was he associated with CKCU, and is CUA effectively buying a prior employer? What really is the full price of this acquisition?

This isn't my first rodeo. Saw a fine marina ecosystem in Florida despoiled by a new management, who looted stored and situational value. Equity owners got left with a huge debt, when the operation had been debt-free aforetime.

Right now listening to a C-SPAN discussion re 'crypto-currencies. Not opposed, but always suspicious.
3/15/2018 1:49:44 AM

Sue Nispel
I am sorry that I am not able to join you for the membership meeting, but if I were there, I would vote in favor of the merger because I feel that increasing our locations in Kansas will be a positive move. I feel that CUA is in good financial condition and will be well received in the new locations.
3/13/2018 12:43:18 PM

Sean P
What course of action should a CUA member take to understand the feelings of CKCU members and how they feel about this merger? Can you direct me to their reactions of this news?

I believe it's important to see the opinions of the consumed party. Their perspective will always be different than mine, and I value their perspective in this transaction.
3/10/2018 3:26:09 AM

Credit Union of America
CUA has been performing due diligence to insure that there are no negative affects to CUA and the membership in light of a merger with Central Kansas Credit Union (CKCU). Recent audits and exams by regulatory agencies show that CKCU’s loan quality is high and provides very low risk. CKCU did show a net loss of just over $43,000 in 2016, which is not threatening to CUA’s performance of $10.1 million in 2017 net income. We expect to do some minor updating to the CKCU facilities, but nothing too major. Our projections indicate no hazards to CUA’s financial condition or ability to serve our members.
3/9/2018 4:01:42 PM

Alyce Zenzinger
You have given the pro's to this merger and it all sounds good. What are the down sides? There is always some down sides. I would like to hear about them, before making my decision. I'm sure my vote won't make that much of a difference if both parties are determined to make it happen. However, let's be completely transparent about the why's and why not.
3/9/2018 10:11:25 AM

Karen Lowery
I think that we are a strong credit union and this will be an asset for both credit unions' members involved in the merger. I need an answer to Stan Wine's question as well. Can dash up to Kansas for a vote.
3/8/2018 6:02:46 PM

Tad
I would like to have made known how sound this credit union is, making any money, on the verge of fallout, loans outstanding, customer base, how long in business and any other financial news. Is the CUA 's bottom line better off right away.
3/8/2018 2:42:44 PM

Evelyn Roney
It sounds as if it will be in the best interest for company and members. Move forward!
3/8/2018 12:13:25 PM

Credit Union of America
Good questions regarding the pending Merger! The CUA name will not change and neither will your CUA services. Our Board of Directors and Senior Management team are in strong favor of this merger. We are completing a thorough review of the Central Kansas Credit Union’s business practices, but see no downfalls to completing this Merger. The joining of the two credit unions will serve to further fortify our strong membership base and financial position for years to come.
3/8/2018 8:49:43 AM

Gwendolyn Mukes
Change was inevitable because CUA is soooooo darn-tootin' good! I wish "us" the best in this new endeavor.
3/8/2018 3:31:35 AM

Anton
I like that we are expanding. As long as current employees keep their job and paid training is done I believe this is a good fit.
3/7/2018 1:22:35 PM

Raul Cerda-Alvarado
If the merge agreement with Central Kansas Credit Union is accepted, Is there an expected date to have companies integrated?
3/7/2018 11:52:49 AM

Linda Watson
Speaking from personal and professional past experience I see CKCU as an excellent fit with CUA with their shared values of community involvement and commitment to their members.
3/7/2018 10:09:14 AM

Roxann Voges
3163900180
1)Will our name change?
2)Are there any downfalls to the companies merger?
3/7/2018 9:46:53 AM

Stanley Wine
Is there a way for out of town members to vote electronically? Myself, my son Bradley Wine, and my son Patrick Wine are all out of town members. We would like to give our support in this vote.
3/7/2018 8:56:54 AM

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