|Due to inclement weather our office closed at 1pm
Thursday, April 17 2014
We will re-open Friday, April 18th
An Important Message for our Membership:
In recent years, the credit union has aggressively tried to reduce operating expense, while still offering services at competitive market rates. The cost of staying competitive in an ever changing electronic world combined with regulatory obligations, has driven expenses rapidly higher. To retain membership and attract new consumers, Torch Lake Federal Credit Union must evaluate each new product available to consumers and determine if it is cost effective.
With that being said, the Board of Directors has entered into a merging agreement between Torch Lake Federal Credit Union-$7 million in assets and Honor Credit Union. Honor Credit Union is located in St. Joseph Michigan and is a $475 Million asset Credit Union. Sir Credit Union from Negaunee, Michigan is also in the process to merge with Honor Credit Union. They are currently in the process of a membership vote. In conclusion, Torch Lake Federal will be “bridging” with another UP Credit Union and both of us will join with Honor Credit Union.
The amount of new products and services will be outstanding for you-our members. Products available will be Commercial and Mortgage lending, Home equity loans. Bill pay, and Overdraft Protection services will be offered, just to name a few. We will also have shared branching and more ATM networks, which will give our members access to over 5,000 locations for you snowbirds, college kids, or members just taking a trip. Honor, Sir Federal and Torch Lake Federal have a common goal; which is to give you the same hometown service with the staff you are familiar with.
Most importantly, this decision will not be made without the approving vote from Torch Lake Federal Credit Union’s membership which is you. Equally important is to know this is a voluntary merge between two healthy Credit Unions. In the upcoming months more information will be forthcoming explaining the process, along with the advantages of merging with a more financially diverse credit union. This is not a fast process and we anticipate a timeline of 9-12 months. You will be educated along the way with information, so ultimately when the time comes you can make a sound decision with your voting rights as members. Your Board of Directors wants what is best for the members and the continuation of a strong Credit Union having the capabilities to grow and remain an asset to our community.
Any questions, please feel free to direct them to me by calling 906-337-5565
Mary Kay Grabig-CEO
Protect Your Personal and Financial Information:
* Review your credit report for discrepancies
* Review your Home-Auto-Life insurance policies and make changes if needed. In addition, update the inventory for your belongings in the event you need to file an insurance claim.
|Product Rate Term|
|New 2012-2013 2.500 -3.90%APR 36-72mos|
|Pre-owned 4.250% 36-60mos.|
|Qualified applicants-No Refinancing-Rates are subject to change without notice.|
|Ask about GAP Protection