To Star Choice Members,
We are thrilled to inform you that Star Choice Credit Union will be merging with SharePoint Credit Union, pending member and regulatory approval. This decision was made after careful consideration and evaluation of various options, and considering the future of the banking industry. The Star Choice Board of Directors believe this merger will be highly beneficial, as both organizations share similar cultures and values. Our objective is to strengthen the overall value of the membership by offering improved personal service, a broader array of products and services, and greater convenience to our highly regarded members.
Star Choice traces its roots back to 1931 when it was established as the Minneapolis Star Employees Credit Union. The field of membership initially revolved around employees of Star Tribune Newspaper but now serves Hennepin and Scott County communities. SharePoint Credit Union was established in 1933 by employees from the Red Owl grocery store. Overtime they became community chartered and are now serving Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington, and Wright County.
This partnership with SharePoint presents a unique opportunity for Star Choice. The merger will strengthen our financial position and allow us to better achieve our primary mission; building strong financial futures. Importantly, the local, personal service you have come to expect from us will remain unchanged. On the date of the merger, all Star Choice Credit Union employees will continue their employment with SharePoint Credit Union.
So, what does this merger mean for you, our highly regarded members? Here are some key points to consider:
- Financial Strength and Sustainability: The partnership will enhance our financial strength and ensure long-term sustainability, allowing us to continue serving our members exceptionally.
- Broader Branch Network: With the merger, we will be expanding the number of branch locations to Andover, Burnsville, Medina, Plymouth, and St. Louis Park. This will provide you with greater convenience and accessibility.
- Member-Owned and Locally Operated: The credit union will remain a not-for-profit, member owned, and focused on the needs of our membership and the communities we serve.
- Employment and Service Continuity: There will be no layoffs at Star Choice. Every employee of Star Choice Credit Union will continue employment on the date of the merger as a SharePoint employee. By combining the qualified credit union personnel from Star Choice and SharePoint, we will strengthen and improve member service across all our delivery channels.
- Expanded Products and Services: The merger will strengthen our ability to expand product and service offerings to the evolving financial, technological, and accessibility needs of our members.
The Star Choice Board of Directors and management team have devoted significant time evaluating this opportunity, and we firmly believe it will bring greater value to your membership. We are excited about the future possibilities the merger presents. Once the regulators have approved this merger Star Choice will be sending additional information on a special member meeting and the voting process. Your vote is invaluable, and we sincerely hope we can count on your support. For the latest updates, kindly visit starchoicecu.org/partnership or reach out to us via email at partnership@starchoicecu.org.
