BURBANK, Calif. -- Members are taking advantage of reductions, loan rate improvements, and deposit rate enhancements as a result of a November merger, according to Partners Federal Credit Union.
The November 2007 merger of the two credit unions created an $825 million credit union with nearly 100,000 members and 250 employees. Partners FCU, which serves The Walt Disney Company, retained its name.
Original projections made prior to the merger identified nearly $3 million in annual givebacks to the combined membership through a range of fee reductions, loan rate improvements, and deposit rate enhancements, according to Partners. However, revised figures now show that the actual member giveback is projected to be nearly 17% greater than original estimates.
"Members of the combined credit union, whether they originally belonged to Vista or Partners, are now seeing benefits resulting from the merger," said Partners President/CEO John Janclaes. "And we're very pleased that member gains are surpassing original expectations."
The increased values are one result of the merger, whose success Partners executives have attributed to many factors, including "significant pre-merger operational and systems planning and testing." The credit union held a "mock conversion day" where nearly all of the credit union staff simulated a business day as a merged organization with several database conversion tests conducted in October to help ensure system integrity.
"The hard work and dedication of all our stakeholders--including cast members, volunteers, The Walt Disney Company, and strategic partners--paid off on merger day," Janclaes said. "Their tireless efforts, along with the dedication and loyalty of our members, led to our success and our enhanced ability to make financial dreams come true for Disney employees and their families."
Partners has offices in Burbank and Anaheim, Calif., and Orlando and Lake Buena Vista, Fla.
--msamaad@cutimes.com
