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It is with great excitement that the APCO Employees Credit Union Board of Directors and Executive Team announce a proposed merger with Powerco Federal Credit Union, pending a supportive vote from the current Powerco membership.
Chartered in 1935, Powerco serves 15,000 members through 8 locations across Georgia and Mississippi and has approximately $200 million in total assets. Like APCO, Powerco has a strong financial foundation, serves employees of Southern Company and its affiliates, and shares a thoughtful approach to serving its membership. With many shared members and values, we believe the joining of our Credit Unions is representative of an ideal partnership.
By merging Powerco with APCO’s 73,000 members, 20 branch locations, and approximately $3.5 billion in total assets, the combined credit union will continue to operate as APCO Employees Credit Union and will allow you to be a member of a financial institution that is able to provide a wider range of products, a greater investment in technology, and enhanced service for our combined members, Select Employee Groups, and employees.
As thrilled as we are about the potential this merger offers, we understand our members and partners will have questions. We encourage you to review the questions below to learn more about Powerco Federal Credit Union as well as answer any questions you have about the merger and the merger process.
Why is there a merger?
This proposed merger is a proactive step by two financially sound credit unions to capitalize on their strengths and aligned missions as they build for the future. The combined credit union will continue to operate as APCO Employees Credit Union and will allow you to be a member of a financial institution that will provide a wider range of products, enhanced service, and greater investment in technology.
What does Powerco joining APCO Credit Union mean for me as an APCO Credit Union member?
The experienced employees, current branches, and reliable financial products you currently enjoy will stay the same. Your accounts and services will also remain the same. As a valued APCO Credit Union member, you will get expanded branch access with locations in Georgia and Mississippi in the future.
How will my APCO Credit Union account(s) be affected by the merger?
Your APCO Credit Union account(s) will not be affected. We will work diligently to create a seamless integration of Powerco accounts. Our goal is for all members of the combined credit union to continue conducting business as usual with as little interruption as possible. All Powerco members will receive detailed information about how their accounts will transition to APCO Credit Union accounts once the merger is approved.
Why Powerco Federal Credit Union?
Like APCO, Powerco has a strong financial foundation, serves employees of Southern Company and its affiliates, and shares a thoughtful approach to serving its membership. With many shared members and values, we believe Powerco members joining the APCO Credit Union family is representative of an ideal partnership.
Do both credit unions support this partnership?
Yes. Both APCO Credit Union and Powerco’s Boards and Management Teams are excited about this potential merger and the benefits it will offer to members.
What is the process for approval of this merger?
On January 26, 2023, the National Credit Union Administration (NCUA) granted permission to proceed with the merger. To finalize the merger, a special meeting of the Powerco Federal Credit Union membership must be held to vote for and approve the merger with APCO Credit Union. The special meeting of the Powerco membership is scheduled for March 30, 2023, at 3:00 p.m., with a completed merger target date of April 1, 2023.
Will there be any branch closures?
No, APCO Credit Union branches will not be affected by the merger. Once the credit unions are fully combined, the result will be greater branch coverage for members of the combined credit union to include 28 branches across Alabama, Georgia, and Mississippi.
As an APCO Credit Union member, can I begin using Powerco branches now?
Not yet. You will receive information when all branches across our region are available for joint transactions.
Will the name of Powerco Federal Credit Union change?
Initially, no. Powerco will continue to operate as a division of APCO Employees Credit Union.
If you have questions not addressed in the FAQs above, simply complete the form below, and click on the “Submit” button. You may also call our Contact Center at 1-800-249-2726.
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