We Have Exciting News - Introducing The Local Credit Union

Serving Macomb, Oakland & Wayne Counties

Dear Valued Members:

We are pleased to make an important announcement that will mark a milestone in our credit union's history.  Sterling Van Dyke Credit Union has applied for and been granted permission from both the National Credit Union Administration (NCUA) and the State of Michigan, Department of Insurance and Finance Services to adopt a new name.  We will begin the process of changing our name on April 1, 2014, and the name we have selected and are pleased to announce will be:

' The Local Credit Union '

This decision emerged from many months of research and evaluation under the leadership of our Board of Directors and executive team.  Through this process, we have conducted research with credit union members, community members, union local members and credit union staff.  

Sterling Van Dyke is very proud of our history and our heritage.  In 2006, the credit union started expanding its charter.  Over the past seven years, we worked toward expanding membership in the tri-county area that has been met with mixed results.  The credit union has decided to focus not only on our new valued members, but re-focus on the members that started the credit union in 1949, our union members.  A name that can appeal to everyone in our field of membership was chosen.  The term "The Local" can satisfy both targeted audiences and eliminates the confusion of our credit union being located on Van Dyke Avenue.

You are and always will be the most important reason for our success.  Our name is changing, but our employees and the high level of personal service we provide will continue.  We have built this credit union on your loyalty and we thank you for your support and confidence in us.  

We are excited about this new milestone in our credit union's history and we invite you to share in the celebration as we embark on this new journey together.  Below we have provided a question and answer sheet with this letter to help address any questions you may have regarding this announcement.  For further inquiries, please feel free to contact me at 586.264.1212.

Sincerely, 

Joseph F Hallman, CEO

 

What is a Credit Union?

A Credit Union is a cooperative financial institution. This system was set up as a parallel banking system. This gives the consumer the option of having a nonprofit alternative.

How are they different from banks?

In a cooperative bank, you vote according to how much money you have in the bank. In a Credit Union, everyone who has a share has one vote. It is true democratic control.

In a bank directors are paid.  In a Credit Union directors are volunteers.  Credit Unions do not pay their directors. The single point of focus is what is best for the member, not what is the most profitable for the institution.

Credit Unions offer the same products and services as banks but at Credit Unions every member counts and they want you to know it.  Credit Unions offer lower fees and better service than big banks.

If you are thinking of switching your accounts, consider a Credit Union.  They have more to offer members and they save you money.

For more information about joining a credit union, please call Sterling Van Dyke Credit Union at 586.264.1212