WHAT DOES THIS PARTNERSHIP DO FOR THE CREDIT UNIONS?
Overall, our combined assets will be approximately $300 million, serving nearly 25,000 members with branches in Iowa, Nebraska, and South Dakota. With a competitive physical presence and Siouxland’s strengths in products, services, and technology offerings, we will be able to better serve our members and our communities.
WHAT ARE THE ADVANTAGES OF BEING A LARGER CREDIT UNION?
Becoming a larger credit union provides opportunities to leverage resources and position us for continued growth. In turn, this will result in being able to provide even more benefits to members in the form of more product and service access, and new and robust technologies and services, while continuing Midwest’s ongoing community presence.
WHY WAS SIOUXLAND CHOSEN AS OUR MERGER PARTNER?
Siouxland Federal Credit Union had the greatest financial strength and offered the best financial rewards for our members of all the credit unions we considered merging with.
Both credit unions share a dedication to members, employees, and the community, and share a common vision for the future of the combined credit union.
WHO IS SIOUXLAND?
Siouxland Federal was originally founded in 1967 as a Nebraska state-chartered credit union. In 1988, they received their federal charter and now serve over 20,000 members across counties in Iowa, Nebraska, and South Dakota. They have 6 branch locations – 4 locations in Sioux City, Iowa, 1 location in Nebraska, and 1 location in South Dakota.
They operate with shared values: respect, attention, accuracy, efficiency, appreciation, and education. They are a team of dedicated people helping people be financially successful.
WHAT DOES THIS MERGER MEAN FOR MEMBERS?
Merging with Siouxland provides us the opportunity to increase our member and community impact through increased branch locations and expanded product and service offerings to our membership.
Additional & Enhanced Products and Services
There are several products and services that Siouxland offers that will be available to our members, including additional business checking and commercial lending, instant issue debit cards at its South Sioux City, NE branch, debit card rewards, Apple Pay and Samsung Pay, additional mortgage products, Visa Card with rewards, advanced online account opening and loan application and origination, Indirect Auto lending, Debit Card security and notifications, additional share certificates, personal financial management, along with great online and mobile banking solutions, to name a few.
Increased Member Access/Convenience with a 24/7 Contact Center
With a 24/7/365 contact center, and a more robust online and mobile banking platform to enhance the virtual banking experience, combined we would be able to serve more members with less wait times, and even more convenience in the future. We would also go from 1 branch to 6 branches.
Same knowledgeable, friendly employees
Both organizations are committed to making sure members receive top-notch service from our team members.
More Responsive to Evolving Financial Needs
This partnership would allow the credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.
Share Adjustment or Merger Distribution
Midwest’s board of directors believes it’s important to recognize and reward our members for their loyalty to the credit union and have determined to distribute a portion of the credit union’s net worth subject to certain terms and conditions outlined in the notice to members, and of course regulatory and member approval. Please see the official notice to members for more information.
WOULD MY ACCOUNTS AND RATES BE AFFECTED?
There will be no immediate effect on your accounts. The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions and/or according to their governing loan documents. At this time, there is nothing you need to do. As we move to integrate our accounts into Siouxland’s operating system, we will work to ensure a smooth and seamless integration for our members. We would provide additional communication, disclosures, and instructions to guide you through this process, as we get closer to conversion. To learn more about Siouxland Federal Credit Union click here.
WILL MY ACCOUNTS CONTINUE TO BE FEDERALLY INSURED?
Yes. Rest assured that your savings with the combined credit union will continue to be federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Information regarding NCUA insurance, and a calculator to help determine your coverage, is available at www.mycreditunion.gov/estimator.
WILL YOU CLOSE BRANCHES?
The Midwest branch will remain open for regular business through Friday, September 29. Please continue to use that branch location for your banking/ATM needs.
At 5:30, Friday, September 29, the Midwest branch will be permanently closed. System integration will happen September 30 – October 1. Beginning Monday, October 2, all Siouxland branch locations will be available to access for your banking/ATM services. The closest branch locations to the Midwest branch are at 4709 Southern Hills Drive and 2920 Gordon Drive.
WILL THE FIELD OF MEMBERSHIP CHANGE?
The combined credit union’s field of membership will include the existing fields of membership of Midwest and Siouxland, allowing us to serve even more members.
WILL THE CHANGE IN THE FIELD OF MEMBERSHIP AFFECT MY MEMBERSHIP?
All Midwest members would automatically become members of the combined credit union. Once a member, always a member.
WHAT WILL OUR NAME BE?
Once legally combined, the combined credit union will retain the Siouxland Federal Credit Union name.