Jan 20, 2024

Premier CU and TMFCU are Merging!

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It’s official: Premier welcomes The Municipal Federal Credit Union! (TMFCU)

Des Moines, IA (March 7, 2024) – Membership of The Municipal Federal Credit Union (Sioux City IA) has overwhelmingly voted to merge with Premier Credit Union (Des Moines IA). With this confirming vote, TMFCU will officially join Premier Credit Union with the office in Sioux City becoming a Premier branch early in May of 2024.

Both organizations are thrilled that members voted to join the Premier Credit Union family. “On behalf of Premier Credit Union, I extend our sincere gratitude to The Municipal Federal Credit Union’s Board of Directors, staff, and membership for placing their trust and confidence in Premier Credit Union,” states Megan Tjernagel, CEO of Premier Credit Union. “We are confident that this merger will significantly benefit the members, staff, and the community at large.”

A History of Helping

While the merger itself is a new development, TMFCU and Premier have shared a longstanding partnership for over a decade through Premier’s wholly owned subsidiary mortgage CUSO, Premier Lending Alliance (PLA). “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.”

A Mutual Benefit:

Due to the longstanding partnership, as well as similarly aligning values and approaches to serving members, the decision was made to form a partnership via a merger. Premier was top of mind when TMFCU was looking at the long-term vision for helping their members. Premier will be able to offer these members expanded benefits and services to Make Life Better in their financial world! In the early part of May, the branch in Sioux City will be fully converted to a Premier Credit Union branch, with existing staff members remaining to run the day-to-day operations there.

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

Welcome TMFCU members!

We’re excited to serve you! Over the next few months, you’ll be receiving information on the transition process to Premier Credit Union. You’ll hear from us on the next steps but please see the below FAQ to get you started, and don’t hesitate to reach out with any questions! With over 90 years in business, Premier is ready to Make Life Better for you!

General FAQ surrounding the Merger

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 have a duplicate member number to a current Premier member, we will issue you a new number and work with you to get all direct deposit and ACH information updated prior to the change.

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 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 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 May 1 and may be activated as soon as they are received. These cards will work for purchasing soon after May 1 once all balances have been transitioned.

Your TMFCU checks will continue to work temporarily post-merger. It is recommended you switch to using Premier Credit Union checks within 6 months of the merger. You may request a complimentary box of checks by contacting the credit union.

What is Premier’s Routing Number?

273073848

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!

Contact Us | Premier Credit Union (premiercu.org)

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Premier Credit Union – 800 9th Street – Des Moines IA 50309
515-282-1611 – www.PremierCU.org

 

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