SPELC FCU will be closed Monday, September 5, 2022 for Labor Day.
Exciting Changes are in the Future for SPELC FCU members.
SPELC FCU is a small credit union, that has struggled in the past couple of years from the economic challenges. This is mainly due to COVID 19, Hurricane Laura, Hurricane Delta, the flood and the sluggish economy. These challenges have caused a significant decline in income, and the rising cost of products and services has made it hard for SPELC FCU to remain competitive.
In January 2022, the Board of Directors of SPELC Federal Credit Union made the strategic decision to find a merger partner that will provide the best service to the current membership. Given the credit union’s size, the struggle to increase its membership, the ability to remain financially competitive and lack of being able to compete with the modern technology (such as mobile banking, live debit cards and others) a merger with another credit union is the best option.
The Board of Directors proactively sought out a merger partner that would provide its members financial stability with more competitive products and services. An ideal merger partner that has an established reputation of serving members of all income levels, and well as a credit union that has educational programs and financial products designed to assist individuals from all walks of life. After reviewing and/or interviewing local credit unions, the Board of Directors has chosen Southwest Louisiana Credit Union as our merging credit union.
Southwest Louisiana Credit Union has many products and services to offer our membership. They are a full-service credit union that offers multiple share and loan products. In addition, they have a mobile app, ATM service, multiple branches and share branching. They also offer many types of home loans. Members also have access to FREE financial counseling and a job training assistant program. Southwest also has a business savings, checking and lending program. Check out the website at www.swlacu.com.
We anticipate the merger will actually take place sometime around November 30th of this year. A notice of a Special Meeting and vote has been sent out to the membership. We encourage all members to vote YES and return the form to SPELC FCU office (drop off, email or mail). The special meeting will be held October 18th at 6:00 pm. At the College Oak Rec Center. The annual meeting will follow the Special Meeting.
SPELC FCU is excited to be able to finally offer its membership the type of services and products they deserve.
Once the merger is complete, our office on 18th Street will remain open as a branch of Southwest Louisiana Credit Union. Laura will continue to work for Southwest Louisiana Credit Union. However, remember, a new credit union so many guidelines and rules will change.
Please be patient with SPELC FCU at this time. We are working very short staffed and will possibly have times where we are operating drive thru only and/or shorter office hours.
This is a wonderful opportunity for SPELC members and we are looking forward to all the new services.