Sharefax Credit Union and Emery Federal Credit Union announce plans to Merge

The merger of SCU and Emery is the result of wanting the best for both memberships while continuing to grow and thrive. Partnering will increase operating efficiencies so we will have the resources to deliver much more to the combined membership – with the same personalized service we have always provided.

Sharefax Credit Union, founded by the Ford Motor Company employees of Cincinnati in 1960, is a non-profit full-service financial institution. It is dedicated to fulfilling the needs of our members by offering products and services that lead to their financial success. Sharefax serves over 33,500 members and over 400 companies and organizations in Southwest Ohio. Sharefax has more than $500 million in assets, making Sharefax one of the largest credit unions in Greater Cincinnati. The credit union welcomes everyone who works or resides in Southwest Ohio, or is an immediate relative of an existing member, to join our family.

Emery Federal Credit Union was originally chartered in 1939 to serve the employees of Emery Industries. In June 2016, our membership structure changed to allow us to serve anyone who lives, works, worships, attends school or primarily does business in Hamilton, Butler or Warren counties in Ohio. Helping families and businesses in our community by building financial relationships you can trust through HEART-felt services is Emery’s mission. Emery serves 13,000 members and is over $195 million in assets.

The resulting Credit Union will operate under the “Sharefax Credit Union” name and brand. The resulting Credit Union will reflect the shared values and vision of both Credit Unions.

A merger will provide the resources to better serve your financial needs through added branches and ATMs, well developed online and mobile technologies, new products and services and highly competitive rates. This partnership will mean we can better anticipate and meet all your financial needs.

Our regulators, the National Credit Union Administration (NCUA) and Ohio DFI, have approved the merger plan. In May, a ballot will be sent to Emery members.  With the member support of the merger through the voting process, the first day as a combined organization will be communicated at a future date.

Three of the Emery Board of Directors will join the Sharefax Board of Directors post-merger. Until then, both Boards will operate as they do now at each institution.

The resulting Credit Union will have a strong balance sheet, a full-service product offering, a strong member base, and an expanded field of membership.  The Credit Union’s net worth ratio exceeds regulatory requirements and both credit unions are considered “well capitalized” by government regulators.

The merger of a credit union is a significant event that often brings about a wave of change, but one of the most positive outcomes is the retention of ALL employees. This decision reflects a commitment to staff continuity and stability, which can be incredibly reassuring for both memberships. It means that the employees can look forward to being part of the new, larger entity, bringing their valuable experience and knowledge to the table.

• Until Emery accounts are converted to the Sharefax platforms none of your accounts will change. Whether or not they change after that depends on the type of account.  For example –
  • Loans – your existing loan contract will remain in effect until it is paid off.
  • Share Certificates – the terms of your existing Share Certificate will remain in effect until it’s maturity.
  • All Share and Checking accounts – rates on these accounts will be the same as Sharefax immediately after the merger final date. These terms will be subject to change.
• Services such as money orders, cashiers checks, notary services, etc. will remain the same for all members.

Your accounts will continue to be federally insured just as they are today through the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the US Government and managed by the National Credit Union Administration (NCUA).

Yes, all Emery and Sharefax branches will remain open. There are no plans to close any of the offices.  The combined footprint will allow the membership to visit one of our nine combined offices in Batavia, Blue Ash, Evendale, Mason, Milford, Lebanon, Liberty Township, and Western Hills.

Yes, members will be able to bank at all nine of the Emery/Sharefax branches.

Your account number will remain unchanged for the time being. It may change when accounts are migrated to Sharefax.

We will retain our current routing number for the time being. Members with automated payments, direct deposits or other electronic transfers that use the routing number should not have to make any updates.

Direct deposits, automatic payments/deposits (ACH), checks and recurring debit card transactions will continue to work as they do now.

• More information on both credit unions can be found at emeryfcu.org and www.sharefax.org .
• We are here to answer your questions!  Please don’t hesitate to contact us at info@emeryfcu.org, or call Doug Pohlman at (513)530-9351, if you have any questions about this merger and what it means to you