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Thick_Piece t1_ivrfsd2 wrote

As a long time NEFCU member, I find this interesting.

As a contractor, many of my largest checks have come from NEFCU. I assume this was a good merger.?

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vttale t1_ivstjxs wrote

As a whole, I think it will be. I voted in favor, as a very long time VSECU member, even though it'll mean some adjustments that I'll doubtless grumble a little about. I will miss the old name but also agree that it was confusing to potential members.

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ThisIsSabby t1_ivt9mfv wrote

The vote was 51% to 49% so there’s a very healthy amount of skepticism about it. I voted against because a lot of the appeal of an institution like VSECU was that it’s not a big bank. The merger also diminishes competition between institutions, which in a small market like Vermont probably harms consumers in the long run. Also, and not for nothing, it’s unclear (at least to me) how this benefits ordinary members.

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vttale t1_ivtakk3 wrote

Yeah, all totally fair points. I'm probably close to 51/49 just on my own internal feelings and would have been pretty happy just to continue with the way things were. I've been a member since the 90s precisely because of the not-a-big-bank thing, but it's also hard to ignore that size does matter positively in other areas. I just couldn't come up with a solid prediction of how it would likely be more bad than good, and trusted our board.

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Loudergood t1_ivypgis wrote

I voted against it because all the arguments for it that I saw were "bigger stronger, new services we can't offer now" But the details as to what that actually means we're sadly lacking.

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