Better Together: Merger FAQ

The Board of Directors of Chippewa County Credit Union are excited to announce a proposed merger
with U.P. State Credit Union pending regulatory approval, final due diligence and an affirmative vote
from our membership. The Board of Directors has unanimously approved this partnership to create
more value on multiple levels for all financial institutions involved.

The merger will unify Chippewa County Credit Union and Federal Employees of Chippewa County Credit
Union both based in Sault Ste. Marie to U.P. State Credit Union, based in Escanaba, MI. UP State Credit
Union also has other UP branches in Norway, St. Ignace, and Cedarville.

How we all Benefit: 

  • Convenience: Members will now have access to a total of 7 branches. At our combined size we  would be able to consider expanded branch operations in the area and other improvements to  be more convenient to our members. 
  • Member Service: As a larger organization, we will be able to invest more in providing better  service to our members. 
  • Expanded/Improved products and services: Our larger size will allow us to consider many new  and expanded products and services. 
  • Technology: Improved technology through the latest offering in online and mobile banking.
  •  More competitive Loan and deposit rates for members: By taking advantage of economies of  scale on operating expenses, we will be able to pass those savings along to you, the members,  through higher dividends, lower loan rates, and reduced fees. 
  • Employee Opportunities: Greater employee career growth opportunities, training resources,  and competitive employe benefits as part of a larger organization. 
  • Communities: Increased community investment and involvement. 

Frequently Asked Questions 

Why is FECCCU and CCCU pursuing a merger with U.P. State Credit Union?  

Very simply, we want to bring members the best value from their credit union while ensuring we  continue to grow and thrive. Partnering with another established credit union will significantly increase  operating efficiencies so we will have the resources to deliver much more to CCCU and FECCCU members  – with the same personalized service we have always provided.  

What is exactly being proposed? 

Members of CCCU and FECCCU  are being asked to approve a unanimous recommendation by your Board of  Directors to merge into U.P. State Credit Union, pending regulatory approval. The combined entity  would be name U.P. State Credit Union.  

Will I still receive personalized service?  

The reason our three credit unions are pursuing this merger is to better serve our members. You will  continue to receive the same personalized service you do today.  

How will members benefit? 

A merger will provide the resources to better serve your financial needs through added branches and  ATMs, well-developed online and mobile technologies, new products and services, and highly  competitive rates. While nothing will change until member approval is received, this partnership will  mean we can better anticipate and meet all your financial needs.  

Will employees lose their jobs as a result of this merger? 

No, the combined credit union will continue to provide career opportunities to all employees with no job  reductions as a result of the merger. The merger will provide increased opportunities for the staff. U.P.  State Credit Unions current CEO Raymond Theoret will lead the combined credit union along with the  senior leadership team of all credit unions. 

Will Chippewa County Branches and Federal Employees Branch remain open? 

Yes, Chippewa County Credit Union and Federal Employees of Chippewa County branches will remain  open. U.P. States Credit Union’s existing Escanaba office will serve as the credit union’s main office.  There will be a total of 7 branches; Sault Ste. Marie (2), Kincheloe, Cedarville, St. Ignace, Escanaba, and  Norway. Members will still have access to the CO-OP shared branch network for credit unions.  

Will my accounts continue to be insured? 

Your accounts will continue to be federally insured to at least $250,000.00, just as they are today  through the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of  the U.S. Government and managed by the National Credit Union Administration (NCUA).  

What will happen to the Board of Directors?  

U.P. State Credit Union’s Board of Directors will continue to serve along with (3) three board members  from Chippewa County Credit Union and (1) one Board Member from Federal Employees of Chippewa  County Credit Union. In total, there will be (13) thirteen board members. There will be additional  committee seats filled by Chippewa County Credit Union and Federal Employees of Chippewa County  Credit Union.  

What is the financial condition of the combined credit unions? 

All three credit unions are financially strong and considered well-capitalized by the National Credit Union  Administration, our federal regulator. 

Why U.P. State Credit Union? 

U.P. State Credit Union’s field of membership is attractive as it allows us to serve the entire Upper  Peninsula. With branches already located in Escanaba, St. Ignace, Norway and Cedarville it only makes  sense to include Sault Ste. Marie to U.P. State. U.P. State is a small credit union alternative that operates  at a local level and not a corporate level. Most importantly they share our values and absolute  commitment to serving members. You can learn more about U.P. State Credit Union at  

Who will be eligible to join the combined credit union? 

Membership will be open to all who live, work, or worship in the 906-area code. Immediate family of  current members also qualify for membership. 

How will member accounts be impacted? 

In the short term, members of all credit unions will experience no impact to their accounts or account  numbers. We will work to ensure a seamless integration, so you can conduct business as you always  have, without any effect on your accounts. We will need to eventually convert members from one  credit union to the other’s operating system, but this is still under analysis and will not occur until a  later time. 

What are the next steps? 

Each credit union will continue the due diligence process while obtaining regulatory approval from both  the Department of Insurance and Financial Services and the National Credit Union Administration. Once  we receive regulatory approval, a merger packet and ballot will be mailed to all members in good standing.  

What if I have additional questions? 

We are here to answer your questions! Please don’t hesitate to contact us if you have any questions  about this merger and what it means to you. We will also update this FAQ page as the process continues

Your Board of Directors unanimously endorses this merger, and we encourage you to vote in favor when  you receive your ballot.