Merger with Educators Credit Union FAQ

Why is Empower Credit Union considering a merger with Educators Credit Union?
Empower Credit Union considered this merger as an opportunity to improve the already great services it offers our members. Educators Credit Union was picked because its values align with the ones that established EMSBLA (aka Empower) back in 1914 and that have held true to today. Educators strives to give its members personalized service, financial education, and the tools they need to meet their goals. Your Board of Directors believes a merger with Educators Credit Union provides the best long-term benefits to you, our valued members.

What will happen to the current Empower Credit Union offices?
Both Empower Credit Union offices will remain open and continue to provide personal service to members. All employees have been offered the opportunity to keep their current job or a job of similar or greater value within Educators Credit Union. Additionally, Empower Credit Union members will gain access to Educators’ 23 other Wisconsin locations, Online and Mobile Banking, and access to more than 55,000 fee-free Allpoint and Alliance One ATM locations around the country.

What is the expected merger date?
Empower Credit Union membership must approve this merger at a special membership meeting planned for December. Regulators from the State of Wisconsin Office of Credit Unions and from the National Credit Union Association (NCUA) have approved this merger. Next, Empower Credit Union members must approve this merger at a special membership meeting on December 16,  2024. The merger is scheduled to take place on January 1, 2025. Upon which the data and systems merger will be completed, and you will be able to access your new account at any Educators location, including the current Empower Credit Union branches.

Will a special dividend be paid to the membership?
If this merger is approved by the membership, Empower Credit Union will be paying a special dividend to our membership totaling approximately $2,500,000. Each Empower Credit Union member will receive an amount based on a formula that must be approved by the State of Wisconsin, Office of Credit Unions and the NCUA prior to December 31, 2024.

What new benefits and resources will be available to me as part of this merger?
After the merger, members would see an increase in services and products, including:

• Educators’ Member Loyalty Pay Back Reward – The credit union annually returns income back to its members for using select Educators services. Educators returned more than $5 million total to members in 2024.
• uChoose Rewards® Points – Members receive points on credit and debit card purchases. Points can be used for cash back, travel, merchandise, Amazon purchases and product discounts. uChoose Rewards® is a registered trademark of Fiserv, Inc.
• Educators Vehicle Solutions® – Eliminate the hassle from buying a vehicle and receive a low, haggle-free price when using this complimentary car buying assistance program. Competitive auto leases are also offered through the Vehicle Solution’s department.
• Mobile & Online Banking – Manage your finances on the go with Online and Mobile Banking. The Mobile Banking app even lets members deposit checks on the go with FlashCash.
• Credit Report Tool powered SavvyMoney® – A complimentary credit report for members to learn about their credit score and how they can improve or maintain their score.
• Card Management Tool – Manage your credit and debit cards with the ability to turn your cards on and off, set limits, or restrict transactions, plus receive real-time alert notifications!
• Financial Planning Advisors – Educators has advisors that can help members plan with confidence. For more information visit www.ecu.com/invest.

How do I learn more about Educators Credit Union?
You can visit www.ecu.com at any time for more information. Educators will also provide more details at all Empower Credit Union offices after the approval of the merger.

Do I need to do anything as part of this merger?
Watch your mail for details. It is very important to make sure Empower Credit Union has your current address, email address and contact information on file to receive timely notifications.

What will happen to my existing accounts and rates?
All existing balances would transfer to Educators Credit Union on the data merger date, with verification statements mailed by both Empower Credit Union and Educators once the systems are merged on approximately January 1, 2025. Your rates will remain the same for all loan or share certificates that are transferred (any variable rate terms can still apply in the future).

Will my Empower Credit Union account number change?
All accounts and balances will be transferred to Educators Credit Union’s computer system, so new account numbers will be assigned to your accounts. If you already have an Educators account, it cannot be used as part of the merger, but you can request to consolidate your Educators accounts after the merger is complete.

If I have an Empower Credit Union checking account, will I need new checks or debit or ATM card?
Yes, Educators Credit Union will provide a free box of checks and a new debit card to all Empower Credit Union members with checking accounts approximately two to three weeks prior to the data merger date with instructions on when to start using them. We anticipate the checks and cards will be sent in December 2024.

What will happen to my current direct deposit or automatic withdrawals?
Educators Credit Union expects to be able to convert all these items to your new account, so you likely will not need to do anything prior to the merger (the system merger date is expected on January 1, 2025). Educators may contact Empower Credit Union members if assistance is needed with moving any electronic transactions from your old account to your new Educators Credit Union account number in January 2025.

Empower Credit Union’s Proposed Merger Notice Letter

Notice of the Meeting of Members of Empower Credit Union