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President's Message - Merger Update

Special Announcement from CEO Pat Zyma
ClearChoice Federal Credit Union to Merge Into Utilities Employees Credit Union

Image of CEO Pat ZymaI am pleased to share some important news with you – Utilities Employees Credit Union (UECU) and ClearChoice Federal Credit Union have entered into an agreement to merge. The merger was unanimously approved by the UECU and ClearChoice Boards of Directors at recent meetings of the respective organizations. Subject to approval by the ClearChoice membership and regulatory agencies, it is anticipated that the two organizations will unite later this year.

This partnership is a natural fit, as the utility and energy industries represent the core component of the membership for both organizations. ClearChoice Federal Credit Union, located in Wyomissing PA, has been serving active and retired employees of the UGI Corporation and its subsidiaries since 1957. More recently they have added a number of other select employee groups to their membership. UECU, which provides exclusive financial benefits to utility and energy employees and their families, serving over 45,000 members, ranks among the largest and strongest credit unions in the nation.

In sustaining our success into the future, UECU is committed to growing our organization through the addition of new engaged members. As the credit union grows, we benefit from a broader membership base which moderates risks, increases opportunities, and lowers operating costs per member, allowing more dollars to be channeled towards directly benefiting UECU members. The addition of ClearChoice’s 2,300 members to UECU’s field of membership, and the opportunities afforded through this merger in building and deepening relationships with ClearChoice’s select employee groups, supports our strategic goals.

ClearChoice Federal Credit Union members will be provided the same exceptional benefits that UECU members have become accustomed to, including highly competitive savings rates, free and interest-bearing checking options, nationwide ATM surcharge rebates, a comprehensive rewards program, investment services, and an expanded line of loan products which includes mortgages and student loans.

While both Boards have approved the merger, there are procedural steps remaining in completing the process. As referenced above, regulatory approval by the National Credit Union Administration and the Pennsylvania Department of Banking and Securities is required, as well as a vote by the members of ClearChoice in support of the merger.

As we move closer to the merger date, we will provide regular updates on the UECU website. Also, feel free to call our Member Service Representatives for more information. Thank you in advance for your support in welcoming the ClearChoice members to our Credit Union family and for choosing UECU as your trusted financial partner.

Sincerely,

Pat Zyma
President/CEO

About ClearChoice Federal Credit Union
ClearChoice is a $15.7 million financial institution that serves over 2,300 members from its location in Wyomissing, PA. ClearChoice was originally founded in 1957 as UGI Employees FCU to serve the employees of United Gas Improvement Company.

About Utilities Employees Credit Union
UECU is a $1.2 billion financial institution that serves its 45,000 members nationwide as a virtual-service, branchless credit union from its headquarters in Wyomissing, PA. UECU offers financial benefits to over 550 utility, energy and related companies across the U.S.