Advantages are Growing
News about our plans to merge – and the value it brings for you. We are very excited to announce that membership with Lake Michigan Credit Union provides you with great value. Our combined team will offer you a greater variety of financial solutions, innovative access to your accounts, and competitive savings and loan rates – both for commercial and consumer relationships. We will be able to ultimately serve you in more ways, and in ways that also enhance our commitment to our local communities. We understand that you may have some additional questions, so we’re providing answers to some of these questions. Please review these helpful Q&A’s and let us know if you have others we can help answer.
About the Acquisition
Why is Encore Bank merging with Lake Michigan Credit Union? This merger provides us greater ability to operate with efficiency to be able to give back to our clients in the form of better technology, innovative services and with great deposit and loan rates.
How big is Lake Michigan Credit Union and where are they located?
Lake Michigan Credit Union is headquartered in Grand Rapids, Michigan. They hold a primarily community-based membership with over 385,000 members. Their assets are over $5.2 Billion and they operate forty-five (45) branches throughout Southwest Florida and Michigan. Currently membership is open to anyone who lives, works, attends school, or worships in the Florida counties of Collier, Lee, Charlotte, Sarasota, Manatee, Hillsborough, Polk, Hardee, Desoto, Highlands, Glades, Hendry, Monroe, and Palm Beach, as well as the entire lower peninsula of Michigan. Membership is also open to the immediate family of existing members (immediate family is defined as father, mother, brother, sister, son, daughter, grandmother, grandfather and spouse). All current Encore Bank customers will automatically be eligible for membership with Lake Michigan Credit Union upon finalizing the merger in early 2018, regardless of whether they meet the
membership requirements listed above.
About the People
Will there be changes to your staff? This acquisition will not result in the closing of any Encore Bank branches or changes to the service team that you know. Further, it provides us with an opportunity to add new positions as our financial services and locations continue to grow.
Who will be the President/CEO of the combined entities?
Sandy Jelinski is the President and CEO of Lake Michigan Credit Union. Tom Ray will remain with the company and serve as President of the Florida Market.
About the Future
Where will the headquarters be of the credit union?
The headquarters of our credit union will remain in Grand Rapids, Michigan (Lake Michigan Credit Union’s current headquarters). We will maintain a strong local and community focus in each area where we have branch locations.
When will I see signage begin to change at branch locations?
Branch signage will change following official regulatory approval of the merger, anticipated in early 2018.
Are you planning to close any branch locations?
We do not have any plans to close branches. We continually monitor the performance of each branch location and the needs of our membership. Our branches will grow to fifty (51), with forty (41) in Michigan and ten (10) branches in Southwest Florida. Lake Michigan Credit Union currently has four branch locations in Florida at the following addresses:
- 8635 Collier Blvd., Naples, FL 34114 Phone: 239-908-5878 2470
- Immokalee Road, Naples, FL 34110 Phone: 239-908-5921 24201
- Walden Center Dr. #101, Bonita Springs, FL 34134 Phone: 239-908-5870 17830
- Ben Hill Griffin Pkwy, Fort Myers, FL 33913 Phone: 239-908-5901
About My Accounts
What’s the benefit to me related to this acquisition?
You will experience greater value in the form of competitive savings and loan rates and easy access tools to financial services. Lake Michigan Credit Union is equipped to provide greater member return, and enhanced delivery channels such as online services. Lake Michigan Credit Union is also able to provide additional career opportunities to employees. Lake Michigan Credit Union’s strength provides the size, resources and commitment necessary to competitively meet the financial needs of our customer clients and commercial clients, both now and in the foreseeable future. Lake Michigan Credit Union will continue to offer the same products offered by Encore Bank, as well as new types of consumer loans, mortgages and deposit products. After our core operating systems are combined in late 2018 Encore Bank customers will receive new account numbers for their loans and deposits. You will be notified well in advance of these changes to allow for a smooth transition and our employees will be available to assist you through this process.
Will my account number change?
It’s anticipated to be in mid-to-late 2018 that we will combine our core operating systems, which may require a slight change to account number structures. We will work to minimize any changes made to accounts, including your account number. We understand that this type of change may cause disruption, so our commitment will be to make any transition needed in the future such that you experience no hiccups in accessing your account information.
How will this affect my rates and service charges/fees?
When our integration is complete, we will review all services provided to members, including service charges, to make sure that we provide consistent, low cost access to the most innovative financial services you’re requesting.
Why do I need to have $5 in an account?
The minimum requirement to be a member of the credit union is that you must have at least five dollars on deposit. For current deposit customers, any of your existing account will fulfill this requirement. For current deposit customers who have less than $5.00 on deposit, Lake Michigan Credit Union will deposit the additional funds necessary to meet the $5.00 requirement. For current loan customers that only have loans and do not have any deposit accounts, an account will be opened and funded with $5.00 to meet this minimum requirement. Will my deposits continue to be federally insured? Yes, Lake Michigan Credit Union is insured by the NCUA (National Credit Union Administration) through the NCUSIF (National Credit Union Share Insurance Fund). Your deposits will continue to be federally insured to the maximum amount available – currently to at least $250,000 per depositor, and backed by the full faith and credit of the United States Government.
Will I be able to access my account at new branches?
Immediately following our merger, you will have access to all branch locations and ATM networking as you do currently. After our core systems have been combined (planned for mid-to-late 2018) you will be able to enjoy access at all Lake Michigan Credit Union branch locations. In addition, you will be able to access your account at our Allpoint Network of over 55,000 Surcharge-Free ATMs.
Will I still be able to use my current checks?
Yes, you will continue to be able to use your current checks following our acquisition. At the time when we combine operating systems, if new checks are necessary, you will receive a complimentary box provided to you.
Will I still be able to use my credit card?
Yes, you will continue to be able to use your current credit card following our acquisition. At some point, we will introduce a new card to you, and we will make sure you’re made aware of all the many benefits of choosing the right card option.
Will I still be able to use my debit card?
Yes, you will continue to be able to use your current debit card following our acquisition. At the time when we combine operating systems, we will provide you with a new card.
Will my online banking change?
Until our systems combine (planned for mid-to-late 2018), you will continue to access your online banking as you do now. After our systems combine we will be introducing more robust features to online and mobile banking to make it faster and more intuitive to how you access your funds. You will be notified well in advance of any changes, new apps, and whether these changes include any new requirements in accessing your information.
When your name changes, will my direct deposit still work?
Yes, your direct deposit will continue to work without interruption. When we combine operating systems, and our routing number changes, we will work with you to ensure there are not interruptions to your electronic direct deposit or automated regular withdrawals.
How will I get to the credit union’s website?
Leading up to the partnership, continue to visit Encore Bank online at www.encorebank.com. Following our merger and name change, you will still be able to access us from that website address for a period of time. At some point, our official website and links to online banking will become accessible from www.lmcu.org. For updates on our merger plan and systems integration schedule, you may also visit www.lmcu.org/encorebank/
Will employee emails change? Following introduction of our new credit union name, employees will be provided with new email addresses that reference our new name. For a time following this introduction, you may continue to email our staff at the current email address that you have on record.
Will employee phone numbers change?
We will notify you with anticipated changes in our contact information well in advance of any changes.
Will there be changes to your hours?
We continually review our hours of operations in all the regions where we operate to best serve our growing membership. We look forward to increasing our available hours of service.
Will there be any changes to my account notices and statements?
At the point when we combine our operating systems (planned for mid-to-late 2018), your monthly and quarterly statements and notices may have an updated look.
How will I receive additional information about this merger?
We will keep our website updated regularly about the progression of our acquisition and systems integration plans. You will also receive periodic mailings and have access to updates available at all branch locations. We also send periodic emails with updates and important notices, so please take this opportunity to update your email address on file.
Who do I contact if I have additional questions?
We want to hear from you to help answer any additional questions you might have about our announcement and partnership plan. Please call Dharmesh Patel at Encore Bank at 877.432.9664 or Don Bratt at Lake Michigan Credit Union at 800.242.9790. You may also email us at email@example.com.
NCUA and FDIC Insurance Compared
|Insurer||Single Account –
|Joint Account –
more than one owner
|Retirement Accounts –
|Revocable Trust Accounts||Corporation, Partnership, and Unincorporated Association Accounts||Government Accounts|
|NCUA||$250,000 per owner||$250,000 per co-owner||$250,000 aggregate for Roth, Traditional and Keogh; All IRA coverage is separate and in addition to coverage for other credit union accounts.||$250,000 per owner per beneficiary up to 5 beneficiaries (Coverdell Education Savings Accounts insured in this category.)||$250,000 per corporation, partnership or unincorporated association||$250,000 per official custodian|
|FDIC||$250,000 per owner||$250,000 per co-owner||$250,000 per owner||$250,000 per owner per beneficiary up to 5 beneficiaries||$250,000 per corporation, partnership or unincorporated association||$250,000 per official custodian|