The Municipal Federal Credit Union and Premier Credit Union announce proposed merger
Des Moines, IA January, 19, 2024 — The Municipal Federal Credit Union (Sioux City IA) and Premier Credit Union (Des Moines IA) are excited to announce their proposed merger has received regulatory approval and will be finalized pending a final vote of the TMFCU membership. If approved, the legal date of the merger for the two organizations is planned for May 1, 2024.
Both organizations are thrilled for the proposed merger and the benefits that the membership and staff will see. “We believe that this proposed merger will give the members of The Municipal Federal Credit Union access to more competitive products and services,” states Megan Tjernagel, President and CEO of Premier Credit Union. “Additionally, we feel that the staff will benefit from joining the Premier family and having access to additional support and employee benefits.”
While the proposed merger is a new development, TMFCU and Premier have shared a longstanding partnership together for over a decade through Premier’s wholly owned subsidiary CUSO, Premier Lending Alliance. “Premier has always been a friend to our credit union,” said Mikkie Kimsey, President and CEO of The Municipal Federal Credit Union. “I have had the pleasure of working with Megan and the team during my entire career with TMFCU. Our two institutions have many similarities. I am excited for the opportunity for us to merge and become stronger together.”
If approved by the membership, the existing TMFCU branch office will operate under the name Premier Credit Union, with its membership counties joining the current 26 counties that Premier serves in Central Iowa via their community charter. In the coming weeks, both credit unions will host joint informational sessions to address any questions or concerns members may have about the merger.
Premier Credit Union History:
Premier Credit Union began as Bankers Life Employees Credit Union in 1933. In 1986, when Bankers Life Company changed its name to Principal Financial Group, the credit union subsequently changed its name to Principal Financial Group Employees Credit Union. The credit union’s name changed again in 2001 to its current name, Premier Credit Union. In 2004, the credit union moved its main office to downtown Des Moines. In recent years, Premier underwent successful mergers with The Des Moines Register and Equiowa credit unions. More information on Premier Credit Union can be found at www.PremierCU.org
The Municipal Federal Credit Union History:
The Municipal Credit Union was granted a Certificate of Organization on February 21, 1938. Chartered by the State of Iowa, the field of membership was originally comprised of the City of Sioux City and Woodbury County employees and their immediate families. On September 1, 2022 the credit union was granted Certificate of Organization to become The Municipal Federal Credit Union which opened membership to Plymouth and Woodbury County in Iowa, Dakota and Dixon County in Nebraska and Union County in South Dakota. More information on The Municipal Federal Credit Union can be found at www.municipalcu.com
General FAQ surrounding the Proposed Merger (Pending a Yes vote from Membership)
Will my account number change?
Most members will not see a change in their account number, but there is a possibility 5% of the membership will need a new account number due to duplication. However, rest assured we will work closely with these individuals to make this as streamlined and simple as possible.
What happens to my direct deposits and auto withdrawals?
The Federal Reserve will temporarily route all direct deposits and ACH transactions to Premier Credit Union post-merger so there should be no immediate change. You will want to update your employer and any merchants with Premier’s routing number and your new account number if you receive one, but this will not need to be done immediately.
Please note – If you are a member who has a duplicate member number and is issued a new one, you will need to update all direct deposit and ACH information with your new member number prior to the merger, to make sure nothing is posted to another member’s account.
Do I need to change my social security deposit?
You do not need to change anything regarding your social security right away since The Municipal Federal Credit Unions routing number will transfer to Premier Credit Union. However, it is a best practice and recommended that you try and change it within the first 6 months. Our team will be happy to walk you through this process.
What happens to my IPERS benefits?
Similarly, you do not need to change anything regarding your IPERS benefits right away since The Municipal Federal Credit Unions routing number will transfer to Premier Credit Union. Again, it is a best practice and recommended that you try and change it within the first 6 months. Contact us with any questions!
Do I need to change payroll?
You do not need to change anything regarding your paycheck deposit right away since The Municipal Federal Credit Union’s routing number will transfer to Premier Credit Union. However, it is a best practice and recommended that you try and change it within the first 6 months. Our team will be happy to walk you through this process.
Will I still have “privileged status” on my ATM Transactions?
Yes! If members support the merger, you will have surcharge-free access anytime you use these machines, as Premier is a part of this network. Just look for the privileged status logos to see if the machine qualifies!
Will I need new checks and/or debit cards?
All members will receive a new debit card. These will be mailed prior to the official merger date and may be activated as soon as they are received. These cards, however, will not work for purchasing until the date of the merger.
Your TMFCU checks will continue to work temporarily post-merger, but all members with a checking account will receive new checks at some point. Each member will receive one box of complimentary checks.
What is Premier’s Routing Number?
What happens to the existing employees of TMFCU?
The staff will be joining the Premier Family! We are eager to grow our team to serve the members and community.
Will I still have continuing NCUA insurance with Premier Credit Union?
Yes! Individual member accounts will still be insured for up to $250,000.
What happens to the existing branch location at 103 S. Fairmount Street?
This branch office will remain in service as a Premier Credit Union branch office.
I’m in the middle of a loan, will my rate change?
Premier Credit Union will honor any current loan or savings rate that you currently have. However, if a current Premier rate provides a greater benefit, you can take advantage of those opportunities.
I’m in the middle of a CD, will my interest rate change?
Premier Credit Union will honor any current loan or savings rate that you currently have.
What happens to my current Bill Pay setup?
Unfortunately, your Bill Pay setup will not transfer over. However, there will be support both in-branch and remotely to assist with setting up your Bill Pay on Premier’s system.
What is Premier’s history with TMFCU?
Premier Credit Union and The Municipal Federal Credit Union have shared a longstanding partnership for over a decade, primarily through the mortgage CUSO, Premier Lending Alliance. Premier Lending Alliance is a wholly owned subsidiary of Premier Credit Union. Notable individuals like Loraine, Roger, and Mikkie have always maintained a positive working relationship with Premier Lending Alliance throughout the years. Premier Lending Alliance has successfully served numerous credit union members over its operational history.
Where is Premier located currently?
The main branch office of Premier Credit Union is located at 800 9th Street in downtown Des Moines, Iowa. They also have branch offices in West Des Moines, Urbandale, Ames, and have plans to put a branch office in Ankeny, Iowa!
What should I be doing to prepare for the upcoming proposed merger?
Please ensure that TMFCU has all correct and updated contact information for you on file. This includes any mailing addresses, telephone numbers and email addresses.
I have additional questions. What is the best way to get those answered?
Call or stop in anytime to the TMFCU branch office! Staff there are happy to discuss things further with you. Premier staff will occasionally be in the office to help as well. Or you can call or email us directly with any question you have.
How can I reach Premier Credit Union directly?
You can reach Premier Credit Union a variety of ways. Please click this link for more information!
Premier Credit Union – 800 9th Street – Des Moines IA 50309
515-282-1611 – www.PremierCU.org