Partners - Winter 2008 - (Page 4)

member news One of the Largest Credit Union Mergers Ever others typically involve large institutions acquiring smaller ones. In our case, both organizations were very healthy and respectable in asset size — one reason the merger was so significant. It was the combining of two formidable institutions to make one far larger. How It Worked While the intent was to make the merger appear as seamless as possible to Members, the details behind it were intense and complex. Our Cast Members analyzed the best offerings and processes of each legacy Credit Union, and merged both into one. The result is a successful fusion of technologies, operations, services and products. Benefits Realized Members are noticing newly expanded access to their accounts and our services — we now have eight branches and 49 proprietary ATMs throughout Burbank, Orlando and Anaheim. These are in addition to access via our online services, several ATM networks, auto loan opportunities at various auto dealers, and the ability to access Partners accounts at non-Partners credit union branches nationwide. And, of course, there’s the $3 million “give-back” to Members mentioned above. Come celebrate the magic of the merger. Call (800) 948-6677, visit PartnersFCU.org or stop by any Partners branch to get the Member benefits you deserve! A lot can happen in 12 months. It was about a year ago when the boards of directors from Partners and Vista Federal Credit Unions sat down and seriously discussed merging. You’ve probably heard a lot about this merger and its accompanying benefits, including improved rates, lower fees and added convenience. On Nov. 5, 2007, the long-awaited union of the two institutions was completed, marking one of the most significant credit union mergers in recent history — and delivering all of the benefits to Credit Union Members. The result is a Credit Union with approximately $800 million in assets, about 100,000 Members and significantly increased financial capabilities. In fact, the resulting value proposition means more than $3 million in improved rates and fees will be returned to our Members during the first year alone! Thank You, Penny, for 31 Magical Years! Penny Tonn, Partners Federal Credit Union’s former President/CEO, retired on Jan. 4, 2008, leaving a legacy of respected service, Member dedication and friendship. Penny began her career at Partners on Dec. 6, 1976, as a teller/member service representative. And over the next 31 years, she held the positions of bookkeeper, assistant supervisor, assistant manager, manager of operations, vice president of operations and marketing, and president/CEO. “It is rare that a CEO has worked in so many positions, and it’s just part of what makes Penny such an extraordinary leader,” says John Janclaes, Partners’ current president and CEO. In recent months, Penny has worked as ombudsman and chairman of the Legal & Regulatory Committee, which helped develop today’s larger, merged institution. Liked and respected by co-workers, Partners Members, the Disney Cast and Members of the credit union community, Penny retired knowing she accomplished much in her many important roles. The Merger Trend The truth is, credit unions across the country are merging in record numbers because it makes sense to the bottom line, though most mergers look very different from the Partners/Vista merger — these 4 WINTER 08 http://PartnersFCU.org

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Partners - Winter 2008 Contents Member News What's Next? Motley Fool: A Tale of Two Borrowers Jean Chatzky: Extreme Jobs Investment Corner On Your Side Member Education

Partners - Winter 2008

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