Geicofcu plus bcu

Timeline for merger

Notice of Special Meeting

GFCU members are invited to attend a Special Meeting on Friday, June 19, 2020 at 12pm EDT. The meeting will be hosted virtually as a result of the COVID-19 pandemic. To attend the meeting, please register in advance using the link below. The purpose of the meeting will be to discuss the opportunities the merger with BCU will bring and act on the proposed merger.

Two young boys playing superhero

Two powerful forces.
One Superhuman Credit Union.

The BCU merger will bring you greater value, an increased number and variety of products, and additional convenience.

Notice of Special Meeting
Friday, June 19, 2020 at 12pm EDT

Register Now

How to Submit Your Vote

You have the option to submit your vote electronically or mailing in a print ballot. The print ballot was included with the Notice of Special Meeting mailed to you. To submit electronically, visit www.gfcuvote.com. You will need the code that is listed on the print ballot. You can submit only one ballot, electronic or mail. Ballots must be completed in entirety and received by mail or electronically by Friday, June 19, 2020 at 12pm EDT.

GEICO Federal Credit Union (GFCU) and Baxter Credit Union (BCU) Announce Intent to Merge

We are immensely proud of everything GFCU has accomplished since its inception in 1950. That said, the GEICO Federal CU Board recognizes a need to generate even more value for you, your family, and all GEICO associates. To continue building on the success of what we started and remain viable, bringing GFCU together with BCU enables scalable growth, more robust products, better technology, expanded access and service delivery, along with an improved ability to meet the needs of each member wherever they are in their financial journey. Once the merger is complete, GEICO FCU will officially become GEICO Credit Union, a division of BCU.

Why this merger benefits members

All existing GFCU branch locations will remain open. Additional branch locations are planned in Tuscon and Indianapolis.

Convenience

Members will have access to a 24/7 contact center, expanded branch operations, and leading-edge digital banking.

More Value

By taking advantage of economies of scale and reduced operating expenses, we can pass these savings along to members with a higher return on savings, lower rates on loans, and reduced fees.

Technology

Improved technology for associates and members, something that requires significant investment and is in high demand, will significantly improve at our combined size.

Employee/Member Service

Being part of a team of more than 600 employees with more resources and improved training, affords our staff the opportunity for personal development and to create extraordinary experiences for all members.

About BCU

BCU is a purpose-driven organization that empowers people to discover financial freedom. At $3.8 Billion in assets, it’s also one of the fastest-growing credit unions in the last four decades. Both not-for-profit and member-owned, BCU partners with America’s best workplaces to offer lifetime membership for their employees and families. Members enjoy easy, on-the-go access to their money, a broad network of full-service retail locations, leading-edge technology, and well-being programming that inspires financial confidence. BCU is driven by an unwavering commitment to provide extraordinary service and measurable value for over 265,000 members across the US and Puerto Rico.

Learn More
BCU coworkers

“GFCU and BCU are aligned in our shared philosophy and expectations of driving value for members and employees. The opportunity to provide even more value and services through partnership is a great movement forward.”

– Mike Valentine,

BCU President & CEO

"It is an ongoing privilege to serve GEICO associates and their family members and we look forward to delivering extraordinary member experiences for many years to come.”

– Bill Costa,

GEICO FCU Chairman

What happens next?

There will be ongoing communication to keep you informed about how the merger is progressing. BCU and GFCU have completed their due diligence and received regulatory approval. Our next step is to gain an affirmative vote from the membership of GFCU. We expect that these efforts will be successful and result in a more powerful combined organization that creates more value than GFCU could have possibly generated on our own - for our staff, the current membership, and all future members. Until the transition date, GFCU and BCU will continue to operate separately. We expect the merger to be finalized in August 2020. Our goal is for you to experience no interruption in service, and for you to be excited about a new and improved GEICO Credit Union.

Frequently Asked Questions

When is the Special Meeting?

Friday, June 19, 2020 at 12pm EDT

Where is the Special Meeting?

The special meeting will be held virtually, you can pre-register here.

How do I vote?

You can mail in the print ballot you received with the Notice of Special Meeting or electronically at www.gfcuvote.com.

It’s asking for a code, where do I find that?

The code is printed on the print ballot included with the mailed Notice of Member Vote.

What should I do if I lost my paper ballot?

Please contact D. Hilton Associates at 800-367-0433 to request a replacement. D. Hilton Associates is managing the vote.

What has been proposed to take place between GEICO Federal Credit Union (GFCU) and Baxter Credit Union (BCU)?

After extensive discussions, both the Boards of Directors of GFCU and BCU have decided that a merger between the two institutions will improve and increase the benefit to both memberships. The merger will result in greater value for current and future members in the form of more competitive rates and lower fees, additional convenience with more branches & ATM locations, and enhanced products and services. Upon the successful completion of due diligence by both credit unions, an affirmative vote by the membership of GFCU and regulatory approval must be granted before the merger is final. After this, GFCU will become GEICO Credit Union, a division of BCU.

Will my accounts continue to be insured?

Yes, all of your accounts remain safe, sound, and insured, just as they are today. Your deposits are federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency, for up to $250,000 for regular and IRA deposits.

Will my branch remain open?

Yes. All 10 of the existing GFCU branch locations will remain open. In fact, we will grow to serve members even better by adding additional branches in late 2020.

Why have the two credit unions proposed a merger?

This partnership creates a credit union that offers you even more value than you have today. In planning for the future, GFCU and BCU understand that a combined organization brings about much greater strength and competitive advantages than GFCU can provide on its own. The merged credit union blends the vision, people, experience, capabilities, and resources of each strong credit union, benefiting our members, communities, and associates for the long term.

Who is BCU?

BCU has a proven track record for delivering a best-in-class workplace banking solution for large companies like GEICO that care deeply about the well-being of their workforce. They are a purpose-driven organization that empowers people to discover financial freedom. At $3.8 Billion in assets, BCU is also one of the fastest-growing credit unions in the last four decades. Both not-for-profit and member-owned, BCU partners with America’s best workplaces to offer lifetime membership for their employees and families. Members enjoy easy, on-the-go access to their money, a broad network of full-service retail locations, leading-edge technology, and well-being programming that inspires financial confidence. BCU is driven by an unwavering commitment to provide extraordinary service and measurable value for over 265,000 members across the US and Puerto Rico. To learn more, visit BCU.org.

How will GFCU and BCU members benefit from the proposed merger?

The merger would bring you greater value, an increased number and variety of products, and additional convenience including:

  • Continued access to all existing GFCU branch locations. Additional branch locations are planned in 2020;

  • Convenience: members will have access to a 24/7 contact center, expanded branch operations, and leading-edge digital banking;

  • More value: by taking advantage of economies of scale and reduced operating expenses, we can pass these savings along to members with a higher return on savings, lower rates on loans, and reduced fees;

  • Technology: improved technology for associates and members, something that requires significant investment and is in high demand, will significantly improve at our combined size;

  • Employee/Member Service: being part of a team of more than 600 employees with more resources and improved training, affords our staff the opportunity for personal development and to create extraordinary experiences for all members.

How will member accounts be impacted?

In the short term, members won’t experience any impact to their accounts or account numbers. GFCU and BCU will work together to ensure a seamless integration. You will conduct business as you always have, without any effect on your accounts. We will eventually convert members from one credit union to the other’s operating system, but this won’t happen until mid-year 2020. We will provide additional information about that process once the merger is approved. There will be ongoing communication to keep you informed about how the merger is progressing and when your accounts will be officially transitioned to GEICO Credit Union, a division of BCU.

What would happen to the Board of Directors?

One board member from the current GFCU Board will transition to the BCU Board of Directors. Another GFCU board member will be named to the BCU Supervisory Committee.

What happens to GFCU associates?

BCU and GFCU have taken measures to ensure the merger is good for everyone, especially for the GFCU associates. GFCU and BCU have worked together to establish arrangements for all GFCU associates to ensure a successful transition.

Would the merger affect membership eligibility?

There will be no effect on membership eligibility. The new GEICO Credit Union will continue to serve all GEICO associates and their families.

What is the proposed merger process and timeline?

Both credit unions have performed extensive due diligence and have received regulatory approval. Next step in the process is an affirmative vote by the membership of GFCU. You will receive more information regarding the vote in your mailbox soon. We expect the merger to be final in August 2020.

When will members of GFCU become members of BCU?

GFCU members will become BCU members on the effective merger date, which will be determined by the National Credit Union Administration following all regulatory approvals and an affirmative vote from the GFCU membership. This is typically a few weeks following the vote. We will be continually updating you on the merger process and keeping you informed about when you can expect this transition to happen.

Are both credit unions in support of this partnership?

Wholeheartedly! Both Boards are very excited about this partnership and the benefits it will deliver to our members and our company partners.

Will GEICO Credit Union be financially sound as a division of BCU?

Absolutely! The combined credit union will have a strong balance sheet, a well-rounded and competitive product offering, and a loyal member base. The credit union’s net worth ratio far exceeds regulatory requirements and is considered “Well Capitalized” by its government regulators.

What if I have additional questions?

We’re here to answer them! If you have any questions about this proposed merger and what it means to you, please visit a branch location, call the credit union or visit the credit unions’ websites, www.geicofcu.org or www.BCU.org/GEICOCUmerger. You can also email us at GEICOCU.merger@bcu.org. We will respond to every question within one business day.