A credit union merger is a process where two or more credit unions combine their resources, operations, and membership to form a single, stronger credit union. The goal is to enhance service, increase efficiency and provide advanced technology.
The primary reason for our merger is to enhance the services, benefits and conveniences to members of both credit unions and the communities we serve; while together, being able to realize greater economies of scale.
- More products, services and branches to better serve each member
- Ability to compete with large financial institutions while maintaining higher service and quality levels
- Strengthened long-term viability
- Opportunity for geographic and field of membership expansion
SharePoint members will have access to all branch locations once both credit unions’ data is merged in the Spring of 2024. There will be minimal disruption once the operational merger is finalized. You will receive up-to-date communications as we get closer to the operational merger.
Star Choice and SharePoint support similar values, products and services. Star Choice members will experience continued exceptional service, with additional access to business lending and mortgage services. Members can use all branch locations once both credit unions’ data is merged in the Spring of 2024.
When going through a merger, there are two different dates that guide the transition of two credit unions into one. The first date is the Legal Merger Effective Date (LMED) and the second is the Operational Merger Effective Date (OMED).
The LMED is in early March 4, 2024. This is the date that the financials of Star Choice become part of SharePoint’s financials. However, this is not the date in which all of the operational processes change. You will notice little to no change as of March 4, 2024.
As a Star Choice member you will continue doing business as usual until the OMED. The OMED will be performed in the Summer of 2024. That is when Star Choice member accounts will be converted to the SharePoint system. Star Choice members will continue to utilize their current online & mobile banking, billpay, and branches etc, until the operational merge is complete. There will be communication throughout the transition process giving information on the change and guide members as to what they can expect. The goal is to make the merger as seamless as possible for the Star Choice membership.
You will continue to use your current branch location(s). After our operational merge in the Summer of 2024, all branch locations will be open to all members.
The current name of the credit union is SharePoint Credit Union. However, it is important to note that this name is subject to change in the future as the credit union may consider re-branding. As of now, SharePoint Credit Union is the official name, but any future name change will be determined and announced at a later date.
Star Choice and SharePoint will continue to be state-chartered, serving those who live, work, worship, attend school, volunteer, or conduct business in the Minnesota Counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright while retaining all fields of membership from both credit unions.
SharePoint Credit Union’s Board of Director’s will be made up of individuals from both SharePoint and Star Choice Board of Directors.
Current SharePoint CEO, Phillip Kopischke, will continue as the Chief Executive Officer. Current Star Choice CEO, Scott Olson will transition to SharePoint as Executive Vice President over integration and asset/liability management.
The phrase “Once a Member, Always a Member” still applies, with the same rights and privileges.
All Star Choice employees will remain employees of the combined entity. Rest assured; you will continue to see the Star Choice team you have come to love but you may also see some new faces. The combined workforce of qualified credit union personnel from Star Choice and SharePoint will ensure us to strengthen and improve member service across all our delivery channels.
Yes, SharePoint and Star Choice members’ shares are backed by National Credit Union Association (NCUA), which insures savings up to $250,000. SharePoint also provides an additional $250,000 of Excess Share Insurance, insuring deposits for up to $500,000. For more details visit: https://www.sharepointcu.com/
Since 1933, SharePoint has been providing financial solutions to consumers and businesses, including over 60 Partner Companies and their affiliates, as well as those who live, work, worship, attend school or conduct business in the Seven-County Metro Area. SharePoint serves over 21,287 members, primarily in the Twin Cities area, with branch locations in Andover, Bloomington, Burnsville, St. Louis Park, Medina, and Plymouth. SharePoint has over $300 million in assets. To learn more about SharePoint visit www.sharepointcu.com.
Star Choices traces its roots back to 1931 when it was established as the Minneapolis Star Employees Credit Union. Star Choice’s field of membership initially revolved around employees of the Star Tribune but now service Hennepin and Scott County communities. Star Choice serves over 6,160 members, primarily in the Twin Cities area, with a branch located in Bloomington. Star Choice has over $91 million in assets. To learn more about Star Choice visit www.starchoicecu.org