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For Better Together.

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BETTER TOGETHER - FIREFLY & TRUSTONE MERGER

 

Firefly & TruStone Logos


Merger Steps

Board Approval Regulatory Approval Member Vote Merger Completion
In Progress 2021
Have questions about the merger or want to learn more?
Town Hall Virtual Meeting
December 7th, 1:00 PM
 

Since 1925, Firefly Credit Union has strived to bring value to members. In an effort to further that value proposition, your Board of Directors voted unanimously in favor of a merger with TruStone Financial Credit Union.  Now with regulatory approval, this action will become official upon an affirmative vote of the Firefly membership. Firefly encourages your yes vote to help us become Better Together. As a reminder, we must receive your ballot by December 28th.
 
This merger represents a true collaborative partnership between two financially healthy credit unions committed to their members. Our combined 190,000 members will have more branch locations, enhanced products and services and improved technology. We will remain committed to providing competitive value and extraordinary experiences to our members.


Benefits

18 Twin Cities Locations.

18 Twin Cities Locations.

Nearly 80% of our Twin Cities’ members will live within 5 miles of a branch.
Same knowledgeable, friendly employees.

Same knowledgeable, friendly employees.

The staff at our branches and call center will continue to be available to serve you.
More responsive to evolving financial needs.

More responsive to evolving financial needs.

This partnership allows us to better anticipate and meet the financial needs of our membership.
 
 
 


Most Popular

Both TruStone's and Firefly's existing routing numbers will be used. Transactions set up with Firefly’s existing routing number will continue to work, and no action needs to be taken.
We are currently exploring system integration and seeking the best solution for our membership.
The overwhelming majority of members will be able to use their existing checks after the merger is complete. In the few isolated cases where existing checks cannot be used, Firefly will provide members with complimentary replacement checks upon request.
The rates on existing fixed-rate loans and certificates will remain the same until the end of their respective terms. Other loan and deposit rates will adjust normally due to market conditions.
Yes! We are excited to announce this will result in an expanded branch network of 23-locations, including 18 in the Greater Twin Cities CommunitySM, a St. Cloud, MN branch, and four locations in southeastern Wisconsin. These locations will be available to our members in early 2021.

See Combined Branch Locations
 
Yes. Both organizations are committed to providing high levels of service for members, and you’ll likely continue to see your favorite Firefly team members where they work today.

 
 


Member Vote

Our regulators, the National Credit Union Administration (NCUA) and the Minnesota Department of Commerce, have approved our merger plans. We are now seeking our final approval with a vote of the Firefly membership. Ballots have been mailed to all eligible members. We encourage your yes vote, and anticipate the merger would be finalized in early 2021.
 
Board Approval Regulatory Approval Member Vote Merger Completion
In Progress 2021
Eligible members must have had a $5.00 share account balance on October 26th of this year and must be 18 years of age or older by the date of our Special Membership Meeting, December 28th.
Ballots have been mailed to all eligible  members, and voting may commence upon receipt. You may vote by mail (postage-paid) or in-person at the Special Membership Meeting on December 28th. The voting period closes during this meeting.
A meeting for the Firefly membership will be held on December 28th. At this meeting we will conduct a last call for ballots and report results of the member vote. Prior to this meeting, Firefly will provide numerous opportunities for members to ask questions and provide comments at a Town Hall meeting and an online forum.
Eligible members may request a new ballot by contacting Firefly Credit Union. You will receive a new ballot via mail.
We will announce the results of the vote at the culmination of the Special Membership Meeting. Members will be notified of the outcome as soon as possible via social media and our website.
The receipt, custody, and counting of all ballots will be conducted by Doeren Mayhew CPA & Advisors, an independent third party.
Votes will remain anonymous throughout the entire process, and at no point will Firefly or TruStone be made aware of how a particular member voted.

 
 


All FAQs

More branch locations. Together we’d have 23 branches in Minnesota and Wisconsin, resulting in nearly 80% of our Twin Cities’ members living within 5 miles of a branch location.
 
Same knowledgeable, friendly employees. The staff at our branches and call center will continue to be available to serve you.

More responsive to evolving financial needs. This partnership will allow us to better anticipate and meet the financial needs of our membership in a rapidly evolving financial services industry.
 
Unlike a traditional bank merger, this is not an acquisition or buyout. This is an exciting partnership between two like-sized, financially sound, and well-performing credit unions that are moving forward with a collaborative, strategic merger to better serve our members.
 
This merger provides the opportunity to achieve more positive member, employee, and community impact and value. For example, we will grow our network to 23 branches across Minnesota and southeast Wisconsin. This means nearly 7,000 more of our Twin Cities members will be within 5 miles of a branch.
 
TruStone Financial is a full-service credit union dedicated to improving the financial well-being of its members for more than 80 years. They have 14 branches across Minnesota and southeast Wisconsin and assets of $1.6 billion. TruStone was named one of the 50 Best-performing US credit unions of 2019 by S&P Global Market Intelligence and a Best-In-State Credit Union in 2020 by Forbes.
Dale Turner, President and Chief Executive Officer of Firefly Credit Union, will be named President and Chief Executive Officer of our combined organization. TruStone Chief Executive Officer Tim Bosiacki will retire upon completion of the merger.
The combined organization’s Board of Directors will have 13 members, seven from TruStone Financial, and six from Firefly. The Supervisory Committee (also comprised of volunteer representatives from membership) will have five members, two from Firefly and three from TruStone Financial.
Yes. Both organizations are committed to providing high levels of service for members, and you’ll likely continue to see your favorite Firefly team members where they work today.
There is no immediate effect to your accounts. At this time, there is nothing you need to do. We plan to provide you with specific communication regarding changes to your accounts in 2021. Until that time, we encourage you to conduct business as usual with Firefly.
The overwhelming majority of members will be able to use their existing checks after the merger is complete. In the few isolated cases where existing checks cannot be used, Firefly will provide members with complimentary replacement checks upon request.
We are currently exploring system integration and seeking the best solution for our membership.
Both TruStone's and Firefly's existing routing numbers will be used. Transactions set up with Firefly’s existing routing number will continue to work, and no action needs to be taken.
The merger will result in enhancements and new products to better serve you.
The rates on existing fixed-rate loans and certificates will remain the same until the end of their respective terms. Other loan and deposit rates will adjust normally due to market conditions.
No, our branch hours will remain the same.
Yes! We are excited to announce this will result in an expanded branch network of 23-locations, including 18 in the Greater Twin Cities CommunitySM, a St. Cloud, MN branch, and four locations in southeastern Wisconsin. These locations will be available to our members in early 2021.

See Combined Branch Locations
 
Yes, we will continue Shared Branching (a nationwide network of credit unions that expands access to your funds) for our members after the merger.
Yes. Member savings will be federally insured to at least $250,000 by the National Credit Union Administration.
There are no plans for branch closures. In fact, this merger will provide the opportunity to expand our branch locations and enhance our digital member experience.
Immediately following a successful merger process, the name of the combined organization will be TruStone Financial Credit Union.
Our intent is to keep many individuals in the same roles and locations. In some instances, employees may choose different opportunities, but for the most part, your favorite Firefly team members will remain where they are familiar to you.
There will be expenses to complete the merger, but we are carefully managing those costs. Upon consolidation, we will gain efficiencies that will result in cost savings and ultimately more member value.  The merger will not be paid for with increased fees or higher loan rates.
Our regulators, the National Credit Union Administration (NCUA) and the Minnesota Department of Commerce, have approved our merger plans. We are now seeking our final approval with a vote of the Firefly membership. Ballots have been mailed to all eligible members. We encourage your yes vote, and anticipate the merger would be finalized in early 2021.
 
Board Approval Regulatory Approval Member Vote Merger Completion
In Progress 2021
Eligible members must have had a $5.00 share account balance on October 26th of this year and must be 18 years of age or older by the date of our Special Membership Meeting, December 28th
Ballots have been mailed to all eligible  members, and voting may commence upon receipt. You may vote by mail (postage-paid) or in-person at the Special Membership Meeting on December 28th. The voting period closes during this meeting.
A meeting for the Firefly membership will be held on December 28th. At this meeting we will conduct a last call for ballots and report results of the member vote. Prior to this meeting, Firefly will provide numerous opportunities for members to ask questions and provide comments at an Town Hall meeting and an online forum.
Eligible members may request a new ballot by contacting Firefly Credit Union. You will receive a new ballot via mail.
We will announce the results of the vote at the culmination of the Special Membership Meeting. Members will be notified of the outcome as soon as possible via social media and our website.
The receipt, custody, and counting of all ballots will be conducted by Doeren Mayhew CPA & Advisors, an independent third party.
Votes will remain anonymous throughout the entire process, and at no point will Firefly or TruStone be made aware of how a particular member voted.

More Locations To Serve You

See Combined Branch Locations

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