Proposed VESCU merger gives pause

BRATTLEBORO — Ballots have been mailed to the members of the Vermont State Employees Credit Union (VSECU), seeking votes to support a merger with the New England Federal Credit Union.

As a 40-year member of VSECU, I was curious about what this merger could mean for me and the family of VSECU members. VSECU is a Vermont state-chartered financial institution, and as such, it is locally owned by its members, who have control over how it is managed.

I did a little research, and found material on VtDigger that explores what changes might be in store for the membership. I also found a link to Callingallmembers.org, with information provided by a small group of loyal long-term VSECU board members and a former CEO opposed to the prospective merger.

I am concerned about the assertions of these board members about the secrecy in which the contract regarding the merger has been held and the lack of transparency regarding its various stipulations.

Statements regarding the loss of control by the membership of the current VSECU is of concern as well, regarding giving up power by the current membership. The proposal includes a name change, to New England Federal Credit Union, which also holds membership by out-of-state branches.

I encourage those who have enjoyed the services of the VSECU, a personal, financially strong credit union, to explore these issues in more depth and consider them for yourselves before casting a well-thought-out vote.

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