During a special meeting on August 10, 2017, the members of the Group Service Employees Federal Credit Union (GSEFCU) approved a merger with Lifetime Federal Credit Union (LFCU) in accordance with the merger plan that was approved by the National Credit Union Administration and the boards of directors of both the LFCU and the GSEFCU.
The merger is scheduled for October 1, 2017, at that time, LFCU will become the continuing credit union and will assume all GSEFCU (the merging credit union) shares and liabilities. The GSEFCU will transfer to LFCU all its assets, rights and property. All members of GSEFCU will receive shares in LFCU that are equivalent to the same value/ number of shares they currently own. At this time, the GSEFCU charter will be cancelled. The LFCU board of directors will appoint two board members recommended by the GSEFCU board to serve on the LFCU board. LFCU will also appoint a person to serve on the LFCU supervisory committee as recommended by the GSEFCU board.
LFCU will stay in business under its existing charter with the name Lifetime Federal Credit Union and will maintain federal deposit insurance coverage with the National Credit Union Share Insurance Fund, the same coverage currently provided to GSEFCU members.
Both credit unions will continue to operate without any interruption to current services on two different data platforms with similar products and rates until March 31, 2018, at which time GSEFCU data will be moved to the LFCU data system, and all members will then be able to conduct credit union transactions at Texas and Oklahoma branches.
Attention Lifetime FCU Home Banking Users!