For the Antigo Times
Making sure their members have access to better rates, more services, and improved financial opportunities is at the heart of CentralAlliance Credit Union’s plan to become a part of CoVantage Credit Union, said Tonni Larson, CEO of CentralAlliance.
All CentralAlliance Credit Union members are invited to vote on the proposed merger on July 31st at a special membership meeting, beginning at 5:30 pm at CentralAlliance’s Neenah Office, 625 Deerwood Avenue. Pending approvals, the merger is set to be finalized January 1, 2019.
According to Larson, “With three branches in the Fox Valley, CentralAlliance has approximately 5,200 members. We have had a long and successful history of serving our members and communities well. There are, however, an abundance of challenges for credit unions trying to compete and stay relevant in today’s financial services industry. Because of this, the Board of Directors for CentralAlliance and I decided to look for a partner to merge with – and we selected CoVantage Credit Union. We believe a future with CoVantage presents our members with a wonderful opportunity – for financial value, new services, and a strong future. While our Board has unanimously voted to pursue this merger, the decision to proceed must be made by our member-owners. We ask them to attend a special meeting on July 31 and vote in favor of the merger with CoVantage Credit Union. We are excited to have found a partner which shares the same beliefs as we do – of service, value, and commitment to improving the lives of members and employees well into the future.”
Charlie Zanayed, President/CEO of CoVantage Credit Union, shared Larson’s excitement in bringing the two financial cooperatives together, saying, “We are humbled and thankful for this opportunity, and look forward to being able to serve the communities of Neenah, Appleton, and Menasha with branch locations and state-of-the art technologies. We feel CoVantage has a lot to offer the members of CentralAlliance Credit Union, including great rates and low fees; a full line of loan and deposit services for personal and business use; an extensive network of ATMs; 7 am to 7 pm Contact Center hours; extended branch hours; and much more. In addition, CoVantage member-owners have benefited from the success of their cooperative by receiving patronage, similar to CentralAlliance’s Loan Rewards Program. Last year’s patronage was the 36th consecutive year our directors authorized patronage to borrowers and savers, and it amounted to just over $3 million returned directly to our members.”
Zanayed continued, “With this merger, CentralAlliance members will join a strong, progressive credit union whose mission is to welcome all and to provide member-owners with outstanding financial value. For eleven consecutive years, CoVantage has been ranked in the top 1% of credit unions in the nation for providing member value as measured by Callahan and Associates, an independent credit union research company. In addition to every day value, CoVantage strives to deliver exceptional service to all members, regardless of wealth, on a daily basis. As our Board of Directors and myself learned more about Central Alliance, we have been impressed with how similar our credit unions operate and serve both our members and our communities. We look forward to serving these members and communities well for many years to come.”
Started in 1934, CentralAlliance Credit Union has total assets of nearly $80 million. CoVantage Credit Union, founded in 1953 and headquartered in Antigo, has assets of $1.56 billion and serves over 103,000 member-owners through 16 offices across Wisconsin and Upper Michigan.
CentralAlliance Credit Union will be sending out a letter explaining more about the proposed merger, as well as a Question & Answer sheet that will answer many member questions. In addition, members may call Tonni Larson at 920-720-2572 Ext. 222 to answer questions.