You may have heard that after much discussion and careful exploration, the Local Government Federal Credit Union Board of Directors has decided to operate independently of State Employees’ Credit Union. The goal for independence is March 2024.
Why this matters to Civic members
To support this independence, the Civic Federal Credit Union Board of Directors is exploring merging with LGFCU in 2024. Civic and LGFCU have overlapping Boards, and the same CEO and staff serving North Carolina local government.
Because of the technology platform already built for Civic, we are well positioned for the future — one built to compete in the market and leverage technology that allows us to serve our members better than anyone, anywhere. Civic and LGFCU are working together to create the best financial institution for local government, including more competitive rates, an enhanced online banking experience and more personalized service.
Both Credit Unions are operating from a place of financial strength and stability, with Civic membership recently growing to 5,000 and LGFCU membership recently surpassing 400,000 and growing.
Benefits to Civic members
A merger with LGFCU would enable us to design new products and offer services designed specifically for local government employees such as mortgages, youth accounts, Individual Retirement Accounts and Health Savings Accounts.
The convenience, low rates and limited fees that you are used to will remain in place, and so will the name Civic. LGFCU members will get to experience the same great services Civic members have had for the past five years.
A lot of work must take place before March 2024. We'll communicate what's happening along the way. The Civic membership would need to vote on the merger prior to any changes. The opportunity is to bring together two credit unions creating one focused only on North Carolina local government.
Check out the LGFCU Independence webpage to track the progress, learn more or ask questions.
We remain committed to you by providing services and products that make your life easier. It is our privilege to serve you. We're excited about our independence journey and what it means for our Civic and LGFCU members — those who serve North Carolina.
