CapCom News

Dear CapCom Member:

As your credit union, CapCom’s first and most important priority is to ensure financial security for our members.  We do this by constantly researching products, services and partners that provide the best advantages for our members’ financial success – now and in the future.  I am pleased and proud to announce that we have an unprecedented opportunity to meet this primary objective. 

CapCom Credit Union and DFCU Financial Federal Credit Union filed a merger application on July 21, 2008, for approval by the Office of Financial & Insurance Regulation (OFIR) and National Credit Union Administration (NCUA).

Allow us to introduce you to our new partner… DFCU Financial is the largest credit union in Michigan.  It is headquartered in Dearborn and has 12 locations in the Metropolitan Detroit marketplace, serving approximately 168,000 members.  It has $2 billion in assets and is one of the top performing and most financially solid credit unions in the country. 

Pending approval, CapCom will merge with DFCU Financial to form one new credit union chartered in Michigan under OFIR.  As DFCU is the larger of the two credit unions, it is more cost effective for CapCom to assume the name of DFCU Financial – yes, yet another name change for CapCom, but we are confident you’ll agree this name change will be a small concession given the huge return in benefits this merger brings to our members. 

As one credit union, our combined market area will serve over 208,000 members in a service delivery region that reaches across the entire state of Michigan.   The combined strength of the merged credit unions will enhance our prospects for immediate and long-term success.  The advantages CapCom members will realize in this merger are too many to list in this letter but here are just a few…  

• Expanded Branch Network… same friendly and helpful staff, just more of them!  You will continue to do business as usual, but with the benefit of an expanded branch network that spans the state of Michigan –

Detroit to Dearborn, Lansing to Grand Rapids and north to Greenville –  and all surrounding areas.

• Annual Cash Dividends… due to its financial strength, for the past two years DFCU Financial has distributed more than $34 million in special dividends paid to its members –  the amount of the dividend is determined by the total relationship you have with the credit union.  When we become one credit union, CapCom members will be eligible to receive this special dividend as a benefit of the merger.  No other credit union in the nation pays an annual dividend at this scale.
• Local School Support… for years, DFCU has supported education by donating $10,000 to the school districts in the communities it serves; this local support of education will be extended to CapCom’s communities.
• Enhanced Products and Services… in addition to the special dividend, your benefits of membership will be enhanced to include expanded investment services, free budget/credit counseling, plus more!

Through the years, we have built our credit union together and with your continued support, our future together has never looked better.  Over the next few months, we’ll be providing you with additional information on the merger and what it means to you.    Please visit www.capcomcu.com  regularly for additional information.  To learn more about DFCU, visit www.dfcufinancial.com.

Thank you for your loyal membership.

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DFCU Financial and CapCom Credit Union to Merge

DEARBORN, Mich., July 21, 2008 – DFCU Financial Federal Credit Union headquartered in Dearborn, Michigan, and CapCom Credit Union, headquartered in Lansing, Michigan, today filed an application with the Office of Financial & Insurance Regulation (OFIR) and the National Credit Union Administration (NCUA) to merge the two credit unions.

After the merger, the new organization will assume the DFCU Financial Credit Union name and will be a state credit union chartered in Michigan under OFIR.  It will serve more than 200,000 members with 21 full-service branches and approximately 500 employees.  In addition, the credit union will have $2.2 billion in assets and remain the largest credit union in Michigan and one of the largest in the nation.

The newly created credit union will benefit from geographic market diversification with branches located from Detroit to Grand Rapids, expanded products and services, continued commitment to community initiatives, increased membership growth opportunities, greater operating economies of scale, and proven financial strength, leadership and operating performance.

A Board of Directors consisting of DFCU Financial and CapCom Directors will oversee the organization.  The management team will be lead by current DFCU Financial President and CEO Mark Shobe and current CapCom President and CEO Renee DeMarco, who will assume responsibility for DFCU Financial’s western Michigan presence as Regional President.  DFCU Financial and CapCom are dedicated to making the merger transition a positive experience for all members and the communities they serve, with no position eliminations expected as a result of this merger.  

“Both credit unions have been seeking alternatives to diversify their geographic coverage to enhance the prospect for long-term success in the challenging Michigan economic marketplace,” said Dr. Robert Chapman, chairperson of the DFCU Financial Board of Directors.  “The merger will allow DFCU Financial and CapCom to achieve this diversity.”

Mike Wallace, chairperson of the CapCom Board of Directors, added “The credit union philosophy is centered on ensuring financial security for our members.  Due to the new organization’s strong capital position, efficiency gains, diversification and growth, DFCU Financial will be able to extend its strong financial position and special dividend to a wider population of members in Michigan at a time when it is most needed.”

About DFCU Financial
Founded in 1950 and headquartered in Dearborn, DFCU Financial is Michigan’s largest credit union with $2.0 billion in assets and 168,000 members.  For two years in a row, DFCU Financial has issued the largest dividend in the history of credit unions of more than $34 million and has reinvested in its membership with new branches, a Career Transition Program and financial literacy education for all ages.  DFCU Financial currently operates 12 full-service Detroit-area branch offices in addition to educational student-run branches at Dearborn High School and Livonia Franklin High School.  Anyone can join DFCU Financial.  To find out how, call 313.336.2700 or 888.336.2700 from outside the local area, or visit www.dfcufinancial.com.

About CapCom Credit Union 

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CapCom Member Q&A

Who is DFCU Financial?
DFCU Financial is a federally chartered credit union with $2 billion in assets and 168,000 members.  It operates 12 full-service branches in the Metropolitan Detroit area.  DFCU Financial is Michigan’s largest credit union and is one of the top performing and most financially sound credit unions in the country.  For two consecutive years, DFCU Financial has issued the largest dividend in the history of credit unions of more than $34 million.  The credit union has reinvested in its membership with new branches, investment services, a no-interest, no-payment loan for those seeking to change careers, financial literacy education for all ages, and more. DFCU Financial was selected for the 4th consecutive year as one of the 101 Best Places to Work in Metropolitan Detroit.  It also was selected by Corp! Magazine as a Best of Michigan Business and as a Michigan Economic Bright Spot. 

Will the organization have a new name?
Yes, we will assume the DFCU Financial name

Where will the new organization be headquartered?
We will have a Western region headquarters that will remain in Lansing.  The organization’s headquarters will be in Dearborn.

Why are you merging?
Both credit unions will benefit from geographic market diversification, expanded products and services, increased membership growth opportunities, greater economies of scale, and proven financial strength, leadership and operating performance.

Will my (loan, mortgage, accounts, CDs, investments, etc…) change?
An integration plan currently is being developed.  As we have more information, we will continue to update you.

Will this affect my direct deposits or automatic payments?
An integration plan currently is being developed.  As we have more information, we will continue to update you.

Will I receive a new DFCU Financial (credit, debit) card?
Eventually, yes.  An integration plan currently is being developed.  As we have more information, we will continue to update you.

How will combining the credit unions affect my service?
The merger will not affect how you currently conduct your financial business and there will be no change in the high level of service and expertise that you receive today.  For added convenience, however, you will have access to additional branches in the metropolitan Detroit marketplace. 

What will happen to my statement?
In the next few months, your statement will remain the same and be mailed or e-mailed to you on the same schedule as it is today.  An integration plan currently is being developed.  As this plan unfolds, we will inform you of any changes that may affect you.

How will rates and service charges be affected?
DFCU Financial offers everyday good value and competitive rates on all its deposit and loan products.  These rates eventually will be extended to CapCom members as integration of the credit unions takes place.

Will the branch staff that I see today remain in place?
It will be business as usual at CapCom.  No position eliminations or branch closings are expected as a result of this merger.

When and how long will the merger take?
We must first gain approval by our regulator to merge, which may take a few months.  After approval, we estimate it will take approximately one year for complete integration of systems and processes.

When can I begin to bank at a DFCU Financial branch?
At this point we cannot give an exact date, but it likely will be one year from now.  You will receive updates on the merger process as details become available.

How is the member dividend calculated?
The member dividend is determined by the total relationship you have with the credit union -- click here for a dividend calculator:  http://www.dfcufinancial.com/paystobelong/

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Look for our quarterly newsletter in our member statements with all the latest news and information regarding CapCom. Please download our latest edition!

Spring 2008 Member Quarterly Newsletter PDF
January 2008 Member Quarterly Newsletter PDF
January 2007 Member Quarterly Newsletter PDF
Spring 2007 Member Quarterly Newsletter PDF
Summer 2007 Member Quarterly Newsletter PDF
Fall 2007 Member Quarterly Newsletter PDF

Community News

CAPCOM CREDIT UNION WINS FIRST PLACE IN DORA MAXWELL AWARD!!
The Dora Maxwell Social Responsibility Recognition Award recognizes a credit union or chapter for its social responsibility work and charitable projects that support its community. This award is not for projects that are directed at and/or benefit a credit union's membership but focus on work in the community.

CapCom Credit Union's Paving the Road to Your Financial Success class provides helpful, practical tools for budgeting personal finances and teaches the importance of maintaining a healthy credit standing.

This class was begun to help teach individuals who struggled with finances and had limited incomes how to budget their money and maintain a good credit rating.

Individuals for the class were referred by the Capital Area Michigan Works! Agency, which provides a variety of workforce development services to persons seeking employment. CapCom Credit Union is an onsite partner with Capital Area Michigan Works! Agency at the agency's office located at 2110 South Cedar Street, Lansing, Michigan.

CapCom Credit Union has dedicated a staff member to go to the Michigan Works! office every Thursday for a few hours to teach this class. This makes it convenient for persons to participate in this class since they are familiar with the location of the Michigan Works! facility and are likely to be there to receive other services.