The Board of Directors and the management team believe that the strategic growth objectives for our organization can best be accomplished by converting the Federal Charter to a State Charter. Future growth allows us to achieve increased economies of scale and lower operating expenses, which results in improved rates, enhanced financial strength for the long-term, and importantly, continued low fees for you the member. Federal Charters have restrictive eligibility requirements, whereas State Charter membership eligibility requirements are more flexible, which will allow us to better serve current members, future members and their communities.
For the reasons outlined, the Board of Directors voted unanimously to pursue a State Charter conversion. We will still be known as Crane Credit Union and your deposits will remain Federally insured by the National Credit Union Share Insurance Fund. The Board of Directors, management team, and employees are committed to serving you, our member, and value the trust that you have placed in us. We look forward to receiving your vote on the State Charter proposal.
A meeting of the members of Crane Federal Credit Union has been called and will be held at: Crane Federal Credit Union Corporate Office, 1 West Gate Drive, Odon, Indiana on October 14, 2015 at 4:00 pm for the purpose of considering and voting upon the following resolution:
- RESOLVED, That the Crane Federal Credit Union will be converted to a credit union chartered under the laws of the State of Indiana and that its operation under Federal charter be discontinued.
- RESOLVED FURTHER, That the board of directors and the officers of this credit union and are hereby authorized and directed to do all things necessary to effect and to complete the conversion of this credit union from a Federal to a State-chartered credit union.
We have put together information regarding some of the more common questions you may have.
Why are we changing our charter?
We are changing the charter to solidify our commitment to serving the residents of Indiana for the foreseeable future. The opportunity provides long-term financial well-being and security to the Credit Union, provides current and potential members increased access to our products and services, and helps reduce expenses over time by creating efficiencies through economies of scale.
The Board of Directors and Credit Union Management believe that our new state charter will benefit Indiana communities and the membership in the following ways:
- Future enhancements to products and service delivery
- Assisting more members throughout Central and Southern Indiana
- Potential expansion of branches, ATMs, and lending services
What is the difference between a state and a federal charter?
A federal charter means the credit union is regulated by the National Credit Union Administration (NCUA). A state charter means the credit union is regulated by the Department of Financial Institutions (DFI), which regulates state-chartered credit unions and other financial institutions for compliance with the laws and regulations of the state of Indiana, as well as appropriate rules and regulations of federal agencies.
Will the Credit Union and my money be as secure as it has been?
Yes. In fact, the federal and state reviews are nearly identical. All state-chartered credit unions are examined on an eighteen-month time frame.
When can I expect the charter conversion to happen?
The official conversion date is December 31, 2015.
Will the Credit Union’s name change?
If the request is accepted, the word “Federal” will be removed from the name and we will be known as Crane Credit Union.
What other changes will take place?
If the conversion is approved, membership would be open to persons who live or work in the following counties: Clay, Daviess, Dubois, Gibson, Greene, Hendricks, Jackson, Johnson, Knox, Lawrence, Marion (8 of 9 Townships), Martin, Monroe, Morgan, Orange, Owen, Parke, Pike, Posey, Putnam, Sullivan, Vanderburgh, Vermillion, Vigo, and Warrick.
Will new Checks or Credit/Debit/ATM cards be issued with the new credit union name?
We will not do a mass reissue with new cards at the time of the conversion. As cards expire, new cards will be issued with the new name. You can also continue to use your checks until you need a reorder. Your reorder will be printed with the new name, Crane Credit Union.
Does this impact federal insurance coverage?
No. Credit Union deposits will continue to be federally insured by the National Credit Union Administration, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs) and trust accounts.
Will there be any changes to my accounts or to the services I use?
This will be a seamless transition to our members. Account numbers and passwords will not change and our existing branch network and business hours will remain the same. It will be business as usual for all members.
Are you doing this in preparation for a buyout or merger?
No. We are extremely well-positioned and strong, with no intention to merge or convert to a bank.
Under a state charter, can you still be a member if you move outside of the eligible service areas?
Yes, you can still be a member if you relocate outside of the Credit Union’s field of membership. Once a member, always a member.