[Santa Cruz, CA Permaculture] Permaculture Credit Union merges with Sandia Area Credit Union Sept 30 2014

Wed Sep 24 09:05:56 PDT 2014

Permaculture Credit Union merges with Sandia Area Credit Union Sept 30 2014 

Dear Permaculture Credit Union members and Permaculture Community 

The Permaculture Credit Union (PCU) will cease to exist in its present form and charter, effective September 30, 2014.  

With the ongoing rippling effect of the 2008 financial crash on the Credit Union system as a whole, and specifically the effect of two loans that required foreclosing by the PCU, resulting in a negative effect on our capital ratio, last year the PCU Board began to explore the idea of a merger with a larger Credit Union, ultimately making a decision to join the Sandia Area Credit Union www.sandia.org, who felt a merger would be positive for their institution as well.  

The Permaculture Credit Union was a beautiful vision created by many committed individuals over 14 years, and although the merger has many positive benefits, we acknowledge there will be some grief felt initially, as someone who has been a part of the PCU Board almost from the beginning, admit I myself feel.  

The PCU was started in 2000 to bring Permaculture principles and ethics to the financial banking and credit union systems, and influence,  maybe even transform, how money is used in the economy.  This was a very big vision!  And in many ways, in our small but profound way, the PCU did have some amazing influence, with policies we helped create for things like our sustainable loan discount program.  But we are too small to continue and thrive in todays economy, it is almost miraculous we survived as long as we did.

I would personally like to thank the PCU Board for working tirelessly through this most difficult time of transition.  And would like us all to honor the original founders, the past board members, past and present supervisory committee; donors, staff and volunteers who kept the door open for years.  Special thanks to our present staff, Michelle and Eileen, for helping with the transition; and our two CEO's, both who charted unknown territories with the unique PCU vision, past CEO, Don Sarich, and current CEO, Bill Sommers.  

Blessings and Gratitude to all  -

Sincerely, 

Wes Roe
PCU Board Chair

LETTER from Permaculture Credit Union & Sandia Area Credit Union - To our members, sent Sept 10, 2014:

IMPORTANT INFORMATION from the Permaculture Credit Union Board of Directors, Board Chairman, and President.

TO OUR MEMBERS AND PERMACULTURE COMMUNITY

Permaculture Credit Union was started in 2000 and we are proud of the work we have done. Since the 2008 financial crash it has become increasingly difficult for our small credit union to function. We have been operating for many years with limited resources and have been unable to raise our capital to levels necessary to deliver the financial experience we envisioned and you deserve. This financial hardship made us realize we would not be able to continue.  As the PCU Board, we have the fiduciary responsibility to serve our members. Please read carefully the following message below. 

For over a year, the Permaculture Credit Union Board of Directors had been proactively searching for a merger candidate, a decision that was not taken lightly. In late spring of this year, we selected a credit union partner who delivers solid value to their communities. 

The merger has been approved by state and federal credit union regulatory agencies and will be complete on October 1, 2014. Our Santa Fe branch will open that day as Sandia Area Federal Credit Union. This will instantly provide you access to a wide array of innovative loans, checking accounts, mortgages, certificates, online and mobile services, IRAs, investment services, and more which we have long hoped to deliver.  

Sandia Area has consistently been awarded five stars from Callahan & Associates, a third-party industry analytics firm, for the value they provide members. Member deposits will continue to be federally insured by NCUA.    

Your accounts, including share accounts, loans, and credit cards, will be transferred to Sandia Area. Sandia Area will assume all loans at the same rate, term and payment you currently enjoy. Share certificates will transfer at their current rates until scheduled maturity, at which time they will renew into Sandia Area certificates which currently offer significantly higher yields. The vast majority of Share accounts will also transfer to higher yielding accounts. 

During the next few weeks, you will receive more details from Sandia Area regarding this merger. When you receive this information, please review the materials and let us know if you have any questions. Meanwhile, visit www.sandia.org for a preview of Sandia Area’s products and services. 

We are confident that Sandia Area can help you and your family achieve your financial goals by offering the services you need in the most cost effective manner possible. If you have any questions, you can reach me at 505-954-3479, or toll-free at 866-954-3479.   

Sincerely, 

William G. Sommers
President 

Permaculture Credit Union 

 and 

Wesley Roe
PCU Board Chairperson 

PCU Board of Direstors:
Wesley Roe Board Chair
Dave Jaber Secretary
Brendan Miller Treasurer
Esther Park Board Member
Emile Sawyer Board Member 

Supervisory Chair Marjorie Lakin Erickson 

PCU Staff
Board CEO Bill Sommers 
Michele Lowrie
Eileen Banashek

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