We recognize that you will have questions, and have prepared the following frequently asked questions (FAQs) to help provide you with answers. As the merger process continues, we will continue to update this page to assist members with the transition. If you have a question that is not listed please feel free to submit your question on the contact us page.
Q. What are the reasons for the merger?
The primary reason for our merger is to enhance the services, benefits and convenience to members of both credit unions and the communities we serve. We have a fiduciary responsibility to do what is in the best interest of our membership. We believe this merger will allow two strong and successful credit unions to not merely survive, but to thrive for generations to come. By joining together, we will enhance the value of our organization and allow for a collaboration of our resources. Together, our members’ service experience will be enhanced in ways not possible before.
Q. Why Community 1st Credit Union?
Generations Credit Union evaluated all possible partners, and selected Community 1st Credit Union because of its excellent reputation for member service, its strong financial position, and its expansive list of products and services.
Community 1st Credit Union was the first state chartered credit union in Washington. The Credit Union has 5 branches throughout the Puget Sound region. They are located in Bothell, Shoreline, South Seattle, Tacoma and DuPont.
Most importantly, Community 1st Credit Union shares our commitment to support the local community.
Q. How will this merger affect Generations Credit union members?
Generations Credit Union’s values are rooted in treating members and employees with integrity and respect. We are committed to providing exceptional member service, while maintaining the safety and security of our members’ assets and information. The credit union believes in operating from a position of financial strength and discipline, to achieve controlled growth and sustained profitability for the benefit of our members.
Strengthened long term viability and likelihood of success.
Opportunity for geographic expansion.
More products, services and branches to better serve member needs.
Ability to compete with large financial institutions while maintaining local presence.
The comfortable union of our organizations, due to our similar core values and beliefs.
Support of the credit union movement; ability to build our collective profile and impact.
Q. what will be the name of the combined credit union?
The legal entity will be Community 1st Credit Union; however, the newly merged credit union will develop a marketing and branding strategy reflective of the combined memberships and its needs.
Q. will member service be affected?
Yes, in a positive manner. With the combined force of both credit unions we will be able to provide you with even better service. Combining the credit unions allows a better variety of products, services, technology, and member support.
Q. Will the employees at the Generations Credit Union branch change?
Generations Credit Union employees will continue to serve the membership with the same friendly member service and personal touch you have grown accustomed to experiencing. All Generations Credit Union employees will be offered employment in the new, combined credit union.
Q. Will I be able to access my generations Credit Union accounts at all community 1st branches?
Q: Can I still use my current checks, debit card and/or credit card?
Yes. Continue to utilize your current checks, debit card and/or credit card unless advised differently.
Q. Will the generations Credit Union branch remain open?
Yes. With the new combined credit union, we are looking to expand our services with an updated Olympia branch, including drive-through teller service.
Q. Will my account number change?
Not initially. We will make every effort to minimize the disruption to our members and hope to find a solution to keep existing account numbers. We are preparing future communications that will include specific information about any changes. Our intentions are to keep you informed and make this transition as seamless as possible.
Q. How will this merger affect my current deposit and loan rates?
All current deposit and loan rates will remain in effect as described in your account and loan agreements.
Q. Will the merger affect my electronic services – e.g., direct deposit, ACH transactions?
We do not expect any interruption to your electronic services such as direct deposit and automatic withdrawals. We are preparing future communications that will include specific information about any changes to your accounts or electronic services. Our intentions are to keep you informed and make this transition as seamless as possible.
Q. will i have to change my checks?
You will continue to use your Generations Credit Union checks until you are notified that you will be reissued new Community 1st Credit Union checks at no cost to you.
Q. what happens to my debit and credit cards?
You will continue to use your Generations Credit Union branded debit and credit cards. New cards will be issued as older ones expire.
Q. Will online Banking change?
No. You will continue to access your online banking system as you do now.
Q. Will my accounts still be insured?
Your savings will be federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government agency and backed by the full faith and credit of the United States Government.
Q. What happens to the Board of Directors?
The initial post-merger credit union Board of Directors will be comprised of eleven members, with four board members from Generations Credit Union and seven from Community 1st Credit Union. All Board members must meet minimum knowledge, experience, skill and representation criteria to ensure strong leadership and a true reflection of the combined membership.
Q. Who will be the Chief Executive Officer of the credit union?
The President/CEO of the merged credit union will be Bill Paulen. Mr. Paulen previously served as the CEO of Generations Credit Union from 2014 – 2017 before moving on to the CEO role at Community 1st Credit Union.
Q. What happens to me, as a member of the credit union?
The phrase “Once a Member, Always a Member” still applies, with the same rights and privileges.
Q. Who should I connect with if I have additional questions?
Please visit our Contact Us page and submit your inquiry. We are happy to answer all of your questions and we will respond to you with an answer as soon as possible.
Q. How will this merger affect Community 1st credit union members?
Community 1st Credit Union members will see very few changes initially. Once the merger is finalized, Community 1st members will see the benefits of the combined credit union through diversified deposit and loan products, an increase in member technology, and better member service through the combined workforce.
Q. When will the merger happen?
The merger is pending approval by Generations Credit Union members, and we are anticipating the legal merger will be complete in the 4th quarter of 2018. We will keep you informed as the process continues.
Q. What makes community 1st credit union and generations credit union a good fit?
Community 1st Credit Union and Generations Credit Union have a shared commitment to the credit union’s core membership. Community 1st Credit Union was established in 1925 and was the first credit union of Washington State. It was created to serve Postal workers and still values its relationship with the National Association of Letter Carriers. Generations Credit Union was founded in 1939 and was created to serve the Employment Security Department of Washington state. The values of service to our collective core membership is one of the reasons the credit unions make valuable partners.
In addition to our shared values, our organizations are able to balance each other with a variety of products and services. The merger will allow Generations Credit Union members to have access to more traditional products like mortgages, home equity loans and lines of credit, whereas Community 1st Credit Union members will now have access to specialty loans like solar and HVAC loans. In addition, the combined financial power will allow the organization the ability to bring in new technology and continue developing innovative products to its membership.
We want to assure you that our members have been, and always will be, our top priority. We want to remind you that you do not need to do anything at this time and we will continue to update you as information changes. If you have any additional questions, comments, or concerns please contact us and we’ll do our best to answer any questions you may have.