Alliance Credit Union Joins Forces with Self-Help for a Stronger Future!

Alliance Credit Union Joins Forces with Self-Help for a Stronger Future!

In a significant development for the financial landscape in Florida, the Alliance Credit Union and Self-Help Credit Union have officially merged as of June 1. This decision comes on the heels of the Florida Office of Financial Regulation placing Alliance Credit Union in conservatorship in November 2024. The National Credit Union Administration (NCUA) was appointed as the conservator and facilitated the selection of Self-Help Credit Union as the merger partner. This merger aims to strengthen the offerings provided to the members of Alliance, which has been serving the community since its founding in 1944.

Originally catering to employees of the city of Gainesville from a humble basement, Alliance has since expanded its reach to serve residents and workers not only in Alachua County but also in Bradford, Gilchrist, Levy, and Union counties. With over 5,300 members and approximately $59 million in total assets, the organization operates two branches in Gainesville at 412 E. University Ave. and 4280 NW 16th Blvd.

The Merger: What It Means for Members

Randy Chambers, president of Self-Help Credit Union, expressed his enthusiasm for welcoming the members of Alliance, emphasizing a shared commitment to serving municipal employees and local residents. One of the standout changes following the merger includes the elimination of all overdraft and non-sufficient funds (NSF) fees for Alliance members, a positive step that reflects Self-Help’s member-centric approach.

Members can rest assured knowing that their deposits at Alliance Credit Union are safeguarded by the National Credit Union Share Insurance Fund, which protects individual accounts up to $250,000 and joint accounts up to $250,000. Furthermore, even IRA and KEOGH retirement accounts are protected for up to $250,000 separately. This robust backup from the federal government allows Alliance’s members to conduct transactions seamlessly, both online and at its two local offices.

The Florida Office of Financial Regulation and NCUA are working together to ensure a smooth transition. Members can continue visiting the credit union offices during regular hours: the downtown office at 412 East University Avenue is open Monday to Thursday from 8 a.m. to 5 p.m. and on Fridays from 9 a.m. to 6 p.m. The Millhopper office operates Monday to Thursday from 9 a.m. to 5 p.m., Fridays from 9 a.m. to 6 p.m., and Saturdays from 9 a.m. to 12 p.m.

Understanding the Conservatorship

The merger comes after Alliance Credit Union was placed into conservatorship due to financial challenges. Members have been informed that they can reach out with any queries regarding operations at 352.372.8225 or explore the various resources available on the NCUA’s website. For members curious about the reasons behind the conservatorship and merger, more thorough information is listed in the FAQ section of the NCUA’s site.

Furthermore, the process for merging federally insured credit unions, as outlined in the regulatory framework, includes holding a special meeting where members can vote on the merger plan. Members will automatically transition to the Self-Help Credit Union and receive shares based on their ownership in Alliance Credit Union, ensuring that their interests are represented in this new union.

This merger of Alliance Credit Union and Self-Help Credit Union marks a new chapter for local financial services, allowing members to look forward to enhanced products, services, and overall better financial health. With the backing of two strong institutions, the future appears promising for all involved.

As each member adapts to these changes, there’s a sense of community resilience and determination. After all, it’s through collaborations like these that communities can thrive amid challenges.

For further details about the merger and member protections, please check out the information provided by Main Street Daily News, or get the latest from the NCUA at NCUA.