Archive for the 'membership' Category

American 1 and Premier Financial to Merge

 

 

 

NEWS RELEASE

Contact: Kristi Latoszewski

For immediate release VP, Marketing and Communications

April 25, 2011 (517) 787-6510

klatoszewski@a1fcu.org

American 1 Federal Credit Union and Premier Financial Credit Union to Merge

Jackson, MI American 1 Federal Credit Union (American 1) and Premier Financial Credit Union (Premier Financial) have announced plans to merge in 2011; American 1 being the surviving organization. After months of research and negotiation, the Board of Directors for both organizations has approved the merger. The joining of the two credit unions will result in American 1 serving nearly 50,000 Members in the state of Michigan, with assets exceeding $240 million.

“Premier Financial Credit Union has served the financial needs of our membership for 73 years. In this environment, it’s been challenging to maintain the financial position and growth needed to provide the products, services and locations our members want and need. Our partnership with American 1 will allow us to fulfill our mission and provide the added benefits our members deserve,” stated James Safian, Premier Financial’s CEO.

The merger is slated to be legally complete late summer of 2011, when Premier Financial’s nearly 7,000 member’s accounts transition to American 1. Premier Financial currently offers two locations in the Metro Detroit area. Both of these branches will remain open and American 1 has plans to expand the hours of service for the membership.

“American 1 Federal Credit Union was identified as the ideal merger partner because they are committed to providing superior member service. They have a proven history of financial stability and growth and they are committed to giving back to the communities they serve.” Safian said.

“American 1 Federal Credit Union looks forward to serving the members of Premier Financial Credit Union. This merger is a partnership and a new beginning as both of our credit unions move toward uniting our members, services and operations,” said Dave Puckett, American 1’s President and CEO. American 1 Federal Credit Union is a member-owned, not-for-profit financial institution based in Jackson, Michigan. In 2010, American 1 Federal Credit Union had an outstanding return on assets of 1.72%. The notable results placed American 1 in the top 4% of more than 7,000 credit unions in the United States for net income. American 1 Federal Credit Union offers a wide range of consumer banking services with a specialty in auto loan expertise.

Since 1950, American 1 Federal Credit Union serves over 42,000 members in Jackson, Hillsdale, Washtenaw, and Calhoun counties. American 1 is federally insured by the NCUA. More information, including current financial statements, for American 1 can be found at http://www.american1fcu.org.

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Hey Congress: Don’t change Interchange

[UPDATE: The fight for Interchange has taken a quacky turn. Check out our response to American Family Voices lobbying efforts.]

The Financial Reform Bill is making its way through Congress, and one amendment – the Interchange Amendment – will make it more expensive and more difficult for credit unions like us to have a debit card program. In the end, you will end up paying more.

We highlighting this fight a few months ago, but now the Financial Reform Bill is getting closer to a vote.

What is Interchange? Interchange is the amount that merchants pay to debit card issuers, like American 1, to maintain our debit system. Interchange pays for security, fraud prevention, upkeep on the system, and more. The Interchange Amendment, however, will reduce the amount of Interchange we receive for each debit payment – meaning we could have to start charging our members to have a debit card.

This is bad for everyone. For one, debit issuers like us assume all the risk for debit card programs. Merchants are paid immediately, but American 1 has to worry about processing all that information. Interchange pays for that upkeep.

Two, merchants claim a lower Interchange will save consumers money. But when was the last time a store dropped their prices or saved you money? They’ll charge the same prices and pocket the rest (as they did in Australia), leaving members to pick up the tab. Or demand cash for each transaction.

Three, merchants could decline smaller debit issuers, like American 1, in favor of big issuers like Bank of America. And we all know big banks like BoA don’t have a friendly card program. But our members may have no other choice if their American 1 debit card is denied at big stores like Walmart, Target, and Home Depot.

All this is why we’re calling Congress and telling them to drop the Interchange Amendment to the Financial Reform Bill. American 1 can’t afford to have a great debit card program without a reasonable Interchange income. The amendment takes away that reasonable income.

To help, CUNA has set up a toll-free hotline to help connect you with your representative in Congress:

(877) 223-5275

Simply dial in your ZIP code and the hotline will direct you to your representative. Leave them a strongly-worded message that you would like them to drop the Interchange Amendment in the Financial Reform Bill. If you’re not sure of what to say to your representative (or their voice mailbox), use our handy script and let your voice be heard.

For more information, here are a few articles:

Positive Jackson job news

It’s easy to get doomy and gloomy in regards to the local job market, but a few news items have popped up that are worth mentioning.

One, MacSteel is back to full employment power, says the Jackson Citizen Patriot:

Just days before Christmas 2008, 300 workers at Gerdau MacSteel were told they were being laid off indefinitely. Some held little hope the company would survive.

Then last September, the mill slowly began calling people back to work. But as of today, everyone is back on the job.

The company, which opened in 1974 and employed 380 at the time of the layoffs, saw its steelmaking and rolling sections idled as the recession set in and automotive sales dropped.

And today we learned that Tenneco added 185 jobs:

The Illinois-based company, which manufacturers automotive emission and ride control products around the world, will invest a total of $15.6 million by the end of 2011 in Michigan as it expands to make components for gas and diesel pickups, SUVs and crossover vehicles at four of its plants.

The tax credit is worth $1.8 million over seven years, and the state says it will lead to the creation of up to 185 jobs at its sites in Litchfield, Marshall, Monroe and Grass Lake. In order to receive the full amount of the credit, Tenneco has to create the 185 jobs by next year and maintain them through 2017.

Michigan’s unemployment has stuck at 14.1% as of March, still the highest in the nation, though layoffs haven’t been as heavy as they were in 2009.

“The biggest state job losses in the past 12 months have been 28,000 jobs in manufacturing; 22,000 in trade, transportation and utilities; and 16,000 in construction,” the CitPat reports.

So there. Jackson manufacturing companies adding jobs, which means more opportunities for our members who work there.

New: free prescription discount card

Discount on prescriptions

We’re proud to announce a new membership benefit: free prescription discount cards.

Our new prescription discount card is accepted at most area pharmacies, especially the big ones (like Target, Meijer, Kroger, Walgreens, etc.), and can save you anywhere from 30-70% on your out-of-pocket drug expenses.

A joint effort by RESTAT and United Networks of America, the American 1 prescription discount card is made possible through the participation of U.S. pharmacies and pharmaceutical companies. Our card provides you with average savings of 32-35%, with savings as high as 75% on some medications.

To get your card, head to our Membership Discounts page, fill in the information, and print off a copy. We have a limited number of card available in our branches, too, and we will pass out some at our events this year.

American 1 offers many other membership discounts, like accidental death coverage, pet insurance, auto insurance, and TurboTax e-filing. Check out our Membership Discounts page for more.

This month’s Lansing Lugnuts winner

sonyafjuly09

Congratulations to Sonya F. of Jackson. She was our membership winner for July, and won a set of four Lansing Lugnuts tickets.

Thanks for sending a new member our way, Sonya!

June Lugnuts winner

cynthiamembership

Congratulations to Cynthia of Jackson. Cynthia referred her friend Rebecca in June and wins four Lansing Lugnuts tickets and food vouchers for an July game.

Thanks for referring a new member, Cynthia! You, too, can win Lansing Lugnuts tickets by referring a new member. But hurry – you only have until August!

Meet Sharon, our May Lugnuts tickets winner

Sharon wins Lugnuts tickets

Congratulations to Sharon Furman of Grass Lake. She’s our May 2009 membership drawing winner, earning four Lansing Lugnuts box seats and a few food vouchers.

Sharon referred her son, Michael, to American 1 after he quit his former bank.

“I told him, ‘It’s great – it’s where I like to go,'” Sharon said of American 1.

There’s one more month left in our Lugnuts referral prize drawing. Earn your chance to win Lugnuts tickets when you refer a new member in June.