We are writing to you with some important news about the future of your credit union. The Board of Directors has unanimously voted to merge Southside Credit Union into Firstmark Credit Union.
Like Firstmark, Southside Credit Union is a state-chartered, federally insured institution. Managing $20 million in assets, they serve more than 3,000 members from their location at 3401 S.W. Military Drive.
This strategic partnership will provide even greater access to your credit union's services on the south side of San Antonio - a part of our proactive efforts to expand our presence and further strengthen our commitment to this community. Southside and Firstmark share similar values, a commitment to excellence, and a strong desire to help members reach their financial goals. These similarities were very important to us as we evaluated the viability of this partnership.
The next step in this process is to obtain approval from our state and federal regulators. Over the next few months both organizations will operate separately while details of the partnership are worked out and approval is granted. We anticipate the merger to be final later this fall.
Though you may be aware that Southside has encountered difficulties in recent years (as have many financial institutions), this merger will have no negative effects on the stability and health of your credit union. Rest assured the only impact to our membership will be the addition of a branch location once the merger is complete. Firstmark remains strong and will be here to serve you and your family for years to come.
As we move forward through this process, information updates will be provided.
Chairman, Board of Directors