00:00:00:00 - 00:00:06:06

Unknown

Good afternoon and welcome everyone to the special meeting of Civic Federal Credit Union.

00:00:06:06 - 00:00:20:05

Unknown

As the chair of Civic Credit Union, I now call the special meeting to order. This meeting is for the members of the credit union who are entitled by their membership to participate in this meeting.

00:00:21:05 - 00:00:45:20

Unknown

We will move on to discuss new business, which is the reason for this special called meeting today, the final chance to vote on whether to merge Civic Federal Credit Union into Local Government Federal Credit Union. Voting by mail and electronic ballot began August the ninth, and mail ballots were accepted until September 24th.

00:00:45:22 - 00:00:54:13

Unknown

After today's voting closes at 3:30 p.m., eSpace Communications will count and certify the vote.

00:00:55:10 - 00:00:58:09

Unknown

The financial services industry is going through

00:00:58:09 - 00:01:24:05

Unknown

a huge evolution, both from an operational standpoint and a technological standpoint and our main goal and our main purpose in doing what we're doing right now, working to merge Civic and LGFCU, as Jeanne said, is to create the most efficient, cost-effective and convenient financial institution that is possible based on the technology that we've created for Civic.

00:01:24:16 - 00:02:02:09

Unknown

So why is this important to LGFCU members? Simply put, as a single credit union, we will be able to be better positioned for the future to serve our members in a changing landscape of banks and other financial, non-traditional financial institutions that we expect will not adequately meet the needs of our membership. We will use technology to continue to move forward, offering more resources, operating smarter than those other financial institutions and being more connected to our membership to remain viable, offering greater technology and greater member engagement.

00:02:02:11 - 00:02:26:15

Unknown

That's what a vote to approve the merger will give to the more than 400,000 LGFCU members. So in the end, we want LGFCU members to be able to conduct their financial transactions in the convenience of their home or office and on their own schedule. That same convenience will enable us to reach areas of the state that have been left behind and underbanked.

00:02:26:17 - 00:02:29:00

Unknown

I call this a win for both credit unions.

00:02:30:16 - 00:02:48:03

Unknown

Okay, what we have is there were 981 valid ballots cast. And of that, there were, excuse me, 549 paper ballots, 432 web ballots.

00:02:48:03 - 00:02:55:02

Unknown

And the merger has passed.

00:02:55:04 - 00:03:01:11

Unknown

Oh.

00:03:02:14 - 00:03:20:16

Unknown

This is an historic occasion. Two healthy credit unions coming together to create a super credit union with a strengthened and unified focus on local government and the people who support our communities.