WE’RE GROWING
For 93 years, Mutual Federal Credit Union has been committed to helping members achieve their financial goals, both short and long-term. Today, the Board of Directors and leadership team are excited to announce plans to merge with Mississippi Federal Credit Union, another credit union serving communities across central and north Mississippi.
The merger represents a strategic partnership between two financially healthy Mississippi credit unions that are dedicated to the well-being of members, employees, and the communities they serve. Additionally, this collaborative merger will allow the combined credit union to offer:
- 13 Branch locations and an expanded ATM/ITM network
- Best-in-class products and services
- Continued investment in digital technologies and branches
- Increased commitment to the communities we serve
The unified credit union will have a team of 135 employees serving 45,000 members. We have received approval from the NCUA to proceed with the merger and the next step is to obtain a vote from Mississippi Federal Credit Union's members. As the process continues, we will update you about important dates and next steps. If you have concerns that haven’t been addressed in the frequently asked questions, please complete the form below and a member of our team will help you.
FREQUENTLY ASKED QUESTIONS
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WHAT DOES THIS ANNOUNCEMENT MEAN?
This exciting announcement means that Mutual Federal Credit Union is moving forward with the proposed merger with Mississippi Federal Credit Union.
DO BOTH CREDIT UNION BOARDS SUPPORT THIS MERGER?
Absolutely. The Boards of both credit unions approved the proposed merger unanimously and are very excited about this merger with the growth and benefits it brings to our membership, employees, and communities.
WHAT ARE THE ADVANTAGES OF BEING A LARGER CREDIT UNION?
Becoming a larger credit union would provide opportunities to leverage resources and position us for continued growth. The result is being able to provide more benefits to members in the form of more product and service access, and new and robust technologies and services while continuing Mutual Federal Credit Union’s ongoing community presence.
WHY WAS MISSISSIPPI FEDERAL CHOSEN AS OUR MERGER PARTNER?
Both credit unions share a dedication to members, employees, and their respective communities and share a common vision for the future of the combined credit union.
WHO IS MISSISSIPPI FEDERAL CREDIT UNION?
Chartered in 1958, Mississippi FCU has been offering exceptional financial services to its members for over six decades. Originally created as the credit union for The University of Mississippi Medical Center and The University of Mississippi, MSFCU has since broadened its membership base through the inclusion of SEGs (Select Employer Groups). Currently, MSFCU caters to over 60 employer groups and serves 22,000 members across its branches in Oxford, Grenada, Ridgeland, Jackson, and Clinton.
DO MEMBERS HAVE A SAY?
Yes. The proposed merger requires the approval of a majority of the members of Mississippi Federal Credit Union who vote on the proposal.
WHAT DOES THIS MERGER MEAN FOR MEMBERS?
The strategic merger between Mutual FCU and Mississippi FCU would provide the opportunity to achieve more positive member impact and value such as:
- More Member Access
A larger branch footprint would provide members with more locations to conduct business with us, which in turn provides more member impact. But bigger than that, through this partnership our field of membership would expand, and we would be able to serve more people and communities throughout Mississippi. - Products/Services
As a larger organization, we would achieve greater economies of scale which would allow us to offer an even more robust product and service line, reduce costs, and return more value to members in the form of products, services, and community involvement. - More Responsive to Evolving Member Needs
Combining our strengths would allow us to continue to enhance our product, services, and digital banking offerings - Enhanced Electronic Banking
This partnership would allow us to constantly assess and improve our technology solutions and make sure we are providing “the best in class” digital banking solutions now and in the future. - Knowledgeable/Friendly Employees
The same friendly staff at our branches would continue to be available to serve members.
WOULD MY RATES AND ACCOUNTS BE AFFECTED?
The rates on fixed-rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.
WOULD MY ACCOUNTS CONTINUE TO BE FEDERALLY INSURED?
Yes. Rest assured that your savings with the combined credit union will continue to be federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Information regarding NCUA insurance, and a calculator to help determine your coverage is available at www.mycreditunion.gov/estimator.
WOULD YOU CLOSE BRANCHES?
At this time, there are no plans for any branch closures. This merger would provide the opportunity to expand our branch locations and enhance our digital member experience. Mississippi FCU branches would not be available to Mutual FCU members immediately. As the merger progresses, we will announce when these locations will be available. Members can take advantage of the shared branching network as they have in the past until the final merger date is announced.
WOULD THE FIELD OF MEMBERSHIP CHANGE?
The combined credit union’s field of membership would include the existing fields of membership of Mutual FCU and Mississippi FCU, allowing us to serve even more members.
WOULD THE CHANGE IN THE FIELD OF MEMBERSHIP AFFECT MY MEMBERSHIP?
It will not. In some cases, members may have a relationship at both credit unions and in this case, we will work with the members individually to combine their accounts in a manner that will ease the transition and be beneficial.
WHO WOULD LEAD THE ORGANIZATION?
Michael Mathews, President/CEO of Mutual Federal Credit Union would be the President/CEO of the combined organization. Brian Long, President/CEO of Mississippi Federal Credit Union would be the Executive Vice President in the combined organization.
WHEN WOULD THE MERGER BE COMPLETE?
Both credit union Boards currently believe the merger approval will be complete sometime around October 1, 2024. The process of fully integrating our systems would extend into early 2026.
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