Wednesday, November 23, 2011 11:50:00 AM
DEEPWATER, N.J. – The Salem County Federal Employees Federal Credit Union (SCFEFCU) held a special meeting of its membership on October 26th to seek approval of its proposed merger with Deepwater Industries Federal Credit Union. The merger, though previously approved by the SCFEFCU Board of Directors, by law must also be approved by the SCFEFCU general membership.
Pictured left to right: Bret Rigby, President/CEO of Deepwater Industries FCU with SCFEFCU Board Chair Arthur England and SCFEFCU Manager Toni Muntz.
Arthur England, Chair of the SCFEFCU Board stated, “The SCFEFCU Board was set to retire and there would not be a Board to operate SCFEFCU. Deepwater FCU was chosen as the merger partner because of their closeness to SCFEFCU and because of the wide variety of financial products and services that they offer.”
After member discussion regarding the merger and its impact on member services, SCFEFCU and Deepwater FCU assured all that they would work together to ensure a seamless transition. A motion was made and seconded from the floor to approve the merger of the two as of October 31, 2011; the vote was unanimous in favor of the merger.
Bret Rigby, President/CEO of Deepwater FCU, told the SCFEFCU members that Deepwater FCU was excited to welcome them to their new credit union. Welcome letters will be mailed out to each new member giving information about their accounts. Rigby encouraged the former SCFEFCU members to visit the Deepwater FCU facility so that they could meet the staff, learn about the full range of loan and deposit products available, and to pick up their welcome packet (and goodies).