Latest news – fall 2018
On January 1, 2019, Mill City Credit Union will merge with City & County Credit Union. Mill City branches and our website will be co-branded as Mill City, a division of City & County Credit Union. Other documents and communication will be from City & County Credit Union.
The leadership teams of each credit union have been busy working with vendors and each other in order to determine how best to serve the combined membership while also being good stewards of member funds. There are many moving pieces and contractual relationships that need to be considered. Some are easy to accomplish, others will take longer.
In preparation for network changes related to the City & County merger, Member Connections and your Brooklyn Park and Minnetonka, MN branches were closed on Saturday, November 10.
This network conversion was an internal update only. It did NOT impact member accounts, debit cards or the way you access your accounts with the credit union. However, as our employees adapted to a new way of doing business, response times were a little slower than you’re used to.
As a result of the merger, a system conversion is coming on June 1, 2019. Online banking, mobile applications, debit cards, product names and features may change. All efforts will be made to minimize the amount of work you need to do to continue established payments and deposits. Among other things, after the conversion members will have access to safe deposit boxes, business loans and Health Savings Accounts (HSAs).
What ISN’T CHANGING January 1:
- Our website address. The address will still be MillCityCU.com
- Our phone numbers. Whether you’re calling a favorite employee or Member Connections the number won’t change.
- The fee schedule. Changes to the fee schedule won’t be implemented until the system conversion.
- Accessing your account. Virtual branch, Bill Payment, shared branching, Mill City branch hours and ATM access will remain the same.
What IS CHANGING January 1:
- Documents related to new memberships and new loans. This means that disclosures and loan paperwork will have City & County Credit Union at the top.
- Credit union policies. The policies which dictate how we do business will change. Efforts are underway to minimize the impact the day to day process changes have on members.
Changes and how they will impact you will be communicated in advance and frequently through many channels.
Merger Background info
Your board of directors, in a unanimous vote, approved this merger and directed management to pursue a positive outcome. Following the unanimous vote, the Mill City Credit Union membership was invited to vote on the merger at a special meeting. The special meeting of the members of Mill City Credit Union was held at Minneapolis Marriott West, 9960 Wayzata Blvd., St. Louis Park, Minnesota, on June 25, 2018. The members voted in support of the merger by a 79.4% majority.
This is a collaborative merger of two healthy credit unions. This means that time will be spent learning about the best practices of each credit union in order to realize the economies of scale and maximize positive member impact.
What this means for you
- A larger field of membership as each credit union is gaining a connection to the opposite side of the Twin Cities.
- You will continue to have access to competitive loan and savings rates. In fact, rate increases for savings that were budgeted are being implemented. Efforts to align our rates with City & County CU have already begun.
- Take the time to read communication sent to you, via email or mail, from Mill City or City & County credit union.
A merger related web page has been created to ensure that you’re able to access information and get your questions answered when it’s convenient for you. This page will be updated as the merger process moves along. MillCityCU.com/better-together
Information related to the system conversion, services or topics related to how you access your accounts will be sent directly to all members.