Yes, the merger was approved by a majority member vote. There were 1399 yes votes and 63 no votes. The effective date of the merger will be June 1st, 2021.
Good Samaritan FCU has been chartered as a single common bond credit union for the entire history of the credit union. That sponsor, The Good Samaritan Society, merged with Sanford Health in 2019. Sanford has other strategic financial institution relationships which conflict with several sponsor provided resources including:
- Office Space
- Employer Benefits
- IT Resources
- Employee Network
Over the years Good Samaritan FCU has been unable to invest in products and services that today’s members demand. Good Samaritan FCU lacks the loan products such as mortgage, and home equity that is needed to grow the loan portfolio. The inability to grow loans will be problematic in the current rate environment. In recent years, Good Samaritan FCU was able to invest the excess deposits at a rate of return that could support the expenses of the operation. The Good Samaritan FCU Board of Directors have fears that the low rate environment will deteriorate the earnings and member capital.
Voyage Federal Credit Union has a continued legacy of personal service, small business, and community support. What began as two separate credit unions, Bell Federal Credit Union and Metz McKennan – with histories dating back to World War II – blossomed into a mutually respectful merger in 2011 that encouraged growth and opportunity both for the credit union and for its members. Our founders of the credit union understood that every person and every business has an individual relationship to finances and that this relationship is a journey.
This same philosophy has remained through the merger and is infused into every aspect of Voyage Federal Credit Union.
Since 2011, Voyage has doubled its footprint on the financial market to more than $105 million in assets, the profits of which are all shared among its valued members. Our staff at Voyage works hard to remain present for the people who trust us with their money. We are a credit union founded and run on those small-town type principles of solid work ethic, relationship building, and community involvement.
Our goals at Voyage Federal Credit Union are to empower our members – by thoroughly informing and educating them – as well as prepare and guide them for the journey ahead. Voyage is in the business of service and servant leadership. We do this by wholeheartedly working to meet the needs of our members with their financial position however we can.
You deserve to have a healthy relationship with your money as you watch your bank account, portfolio, and your life’s experiences grow. Our top concern at Voyage Federal Credit Union is the satisfaction and success of our members, our family, and we are well on our way to endless exploring, endless journeying forward, and endless growth together. It is our hope that you will advance, grow, and go with us. Opportunity awaits and we’re giving you the green light.
Access to more products and services. Explore the Voyage website to learn more!
Yes! Mike, Eric & Deb will continue on with Voyage FCU and will add to the 30 or so experienced staff at Voyage FCU.
Both credit unions are financially sound with net worth ratios that exceed regulatory requirements. This is not an ‘acquisition’ like a bank. The board of Directors of Good Samaritan FCU has agreed to merge with Voyage FCU as they believe the partnership will bring greater value to you, the members.
Unfortunately, the Good Samaritan FCU branch will be closing. However, you will still be able to call and talk to Deb, Eric, and Mike. And Voyage FCU has three conveniently located branches throughout the Sioux Falls Area, as well as online and mobile banking and a large ATM network, including the one you are already familiar with!
You will not have to do anything, your accounts will transfer to Voyage FCU.
Your account number(s) will remain the same.
There should be no change to your accounts during the merger.
Your accounts will remain insured by the NCUA.
Yes! Voyage FCU is federally insured by the NCUA up to $250,000.
Through this merger, you will be able to expect:
- Improved Technology and Services:
- Mobile banking
- Bill pay
- Remote Deposit Capture
- Additional Products:
- Mortgages (only eligible in certain states)
- Business lending
- Business checking accounts
- Longer term certificates
- Money Markets
- Share-secured credit cards
- Credit card rewards
- Enhanced Convenience and Account Access:
- Three public access branches.
- Saturday hours at two locations
- Continued access to the Money Pass Network of ATMs which will provide surcharge free access to 32,000
- MoneyPass ATMs nationwide, plus new access to the COOP ATM network providing access to an additional 30,000 machines nationwide.
- Enhanced online and mobile banking and other electronic services.
- Employee Representation:
- Good Samaritan FCU’s long-time President/CEO, Mike Gardner will remain with the new organization will work closely with Voyage’s CEO.
- Continued Volunteer Representation:
- Two Good Samaritan FCU Board Members will serve on the Voyage Board immediately after the merger.
- Lower Operating Costs:
- The combined credit union, and consequently the members, will benefit from the economics of scale (including a combined entity totaling approximately $150 Million in assets and approximately 18,000 members translating into lower operating costs by allowing such costs to be spread over a wider membership base.
- The two credit unions share similar values, a cultural commitment to personalized service and putting members’ needs first, and a core purpose to empower people to achieve a brighter financial future.
Yes, Voyage FCU is committed to its members and the communities they live in. For local sponsorship or donation requests please reach out to firstname.lastname@example.org.
You have received an informational letter to your home address with detailed information regarding the merger. A ballot to vote for the merger with a postage-paid return envelope is included. All ballots must be received by the credit union on May 19th at 5pm CST. You can register to attend the at this LINK. Pending member approval of the merger, the date of the merger will be June 1, 2021.
Applicable to Good Samaritan FCU Members only: Your bonus dividend will be paid out on May 31st, 2021 pending member approval of the merger. The bonus dividend will be paid to your Regular Share Account.
Your current GSFCU credit card will continue to work as is until sometime in August or September 2021. During that time you will receive a new credit card issued by Voyage FCU with a new card number. The balance and interest rate from GSFCU will carry over to the new credit card.