This page is to keep you informed, we’ll be updating this page as new things come up.
Upcoming Virtual Member Meeting: June 21st @6pm – Register Now
Join us as we:
- Announce the results of the member merger vote (If you didn’t receive a ballot, stop by the office today to receive one and return it by mail no later than June 17th)
- Answer your questions about the future of your credit union
- Meet members of the Simplicity CU Team
Update on merger & intro to Simplicity CU.
FAQs about the proposed merger.
Update with the merger plans.
Check out our Annual Meeting.
Announcement of our merger plans at our Town Hall meeting.
To watch the Virtual Town Hall, click here.
CONE CU Merger FAQs
Questions about expanding our field of membership:
Why do we need to grow?
Just like your cost of living, the cost of doing business increases steadily year after year. That affects many things you’d expect, like the cost of employee benefits, supplies, and utilities, as well as things like the cost of meeting State and Federal regulations or maintaining the services you rely on.
Why do we need to become a community-chartered CU?
The reality is this: Our loyal members and potential new members have a lot of financial options – local, larger credit unions, community and national banks, and online financial services, to name a few –that they could choose over CONE. With all of that competition, we’ve struggled to attract and maintain members from our current Select Employee Groups (SEGs).
How large are we expecting our credit union to grow?
That’s a great question and one that we’ll learn more about over time. Some of it depends on the market and how we’ll attract new members to CONE. Our overall goal is to grow quickly but carefully to control costs and still offer the level of service you deserve.
Why do we need to expand our field of membership?
There are many good reasons to expand, so let’s look at the top two.
Questions about the proposed traditional merger:
Are we merging because our credit union is failing?
We know that a merger sounds like a drastic measure, and that can cause concern. The good news is that CONE has continued to be listed as “Well Capitalized” by both the DFI and the NCUA which is proof positive that we’re not ‘failing’.
Why didn’t CONE consider merging with another credit union in the Valley?
Yes! It may seem that the path to a credit union in Central Wisconsin is hard to follow. Your Board of Directors reached out to numerous credit unions, including Fox Communities, to request information and gauge their interest in a partnership or merger. In fact, we contacted nearly all of the credit unions in the Fox Valley, large and small, and several outside of the area, including Simplicity CU.
We felt it was our responsibility to look holistically at the benefits any other credit union could offer our members and choose the best fit.
Why consider a merger at this exact time?
There are a lot of factors that led us to pursue a merger and bring it to our membership for approval.
Things like the rising cost of member services and employee benefits, the changing demographics of the CONE membership along with the expectations of current and future members, CONE’s inability to invest in new products and services that members want and need, and the well-being of our staff were just some of those considerations. With all of those concerns looming, our ability to satisfy our state regulators’ requirements began to suffer and created a higher sense of urgency.
What happens if the merger is not approved?
If the merger is not approved, CONE will be in an almost impossible situation to offer our members the products they need and deserve, the employees the benefits they need and borrowers and savers the current market rates.
What made the board decide that Simplicity CU was the best merger partner?
Simplicity’s financial stability, commitment to the communities they serve, and the ability to meet our membership’s unique needs were certainly important, but that’s not all. Having been able to work with members of the Simplicity Team, we learned that, even though they have a larger staff, they value connection and care for their team and their members just like we do.
They use the name ‘Simplicity Family’ when they talk about their members and staff, and we knew that we would all be welcome as a part of that family.
What will the impact of the merger be on me, personally as a member?
This merger will benefit current and future CONE members in a lot of exciting ways.
Is there anything else you could have done to remain independent, or was a merger inevitable?
When it became clear that we needed to make serious changes to keep serving our members, we left no stone unturned. We explored new marketing strategies to attract new members, reduced expenses by consolidating or eliminating products that weren’t serving you like they should and eliminated some of the perks that made us unique, like our Annual Member Picnic.
Finally, after losing and not replacing three full-time staff in 2020 alone, we felt that we had reached the point where we couldn’t offer you the full benefit of being a credit union member without the help of a partner like Simplicity CU.
What will change as a result of a merger (acct #s, passwords, checks, checking acct numbers, credit/debit cards, etc.)?
It’s smart to think about what you may need to do to continue to get the most out of your membership. We know there will be some changes as we move ahead and work through the behind-the-curtain details but our commitment to you is that we’ll make those changes simple, give you straightforward information as we have it, and work with you along the way. Stay tuned for more!
Will our employees be retained?
Yes! All of the CONE staff that you have gotten to know will still be here! We are all very excited to share in the expanded benefits and opportunities for internal promotions that Simplicity will bring!
Will our branch be closed?
No! Our branch will remain open. In fact, we hope to open a second branch in the future as Simplicity expands into other communities!
What do members need to do now?
Many of you have already been vocal supporters of the steps we’ve taken for the good of CONE CU members and staff, and we appreciate you.
The next thing we hope you’ll want to do is to participate in the democratic process and vote in support of the merger when the vote happens in Mid-May.
Once the merger is effective mid-year 2021, we’ll keep you informed on the finer details of your account numbers, checks, debits cards, etc. Don’t worry. The CONE and Simplicity Team will handle a lot of the heavy lifting for you and be there along to way to make this a smooth and easy transition.
Will we have a new identity (logo, etc.)?
With a successful vote to merge with Simplicity CU, we’ll begin a gradual process to update things like stationary, our website, signage, and the décor in our branch to match the Simplicity CU brand. We’re confident that you’ll find this new look modern, clean, and refreshing.
I noticed that the letter you sent about the merger said “CONE Credit Union’s main branch office at 219 W. Cecil Street, Neenah, WI, 54956 will remain open for a minimum of three years.” Does that mean if I vote yes on this merger Simplicity CU plans to close the CONE branch?
We’re really glad you asked. The idea that the branch you like to visit would ever close can be a little stressful, especially knowing that the next nearest branch is pretty far away.
Here’s the good news: the NCUA (the credit union governing body that requires us to send you that notice and one that has to approve our merger) cares a lot about maintaining service to credit union members. So much that they asked us to assure them (and you) that we’re in coming into this partnership to improve your life, not to just get bigger. In this case, the three year time frame is just one way we can demonstrate that.
The truth is, we’re confident that we can help you, your friends, and your family in Neenah and the surrounding areas by committing to the community and building something great together.
You’ll notice that the letter also says “Ultimately, the financial success of the existing branch will direct the needs of a physical presence beyond three years.” Nobody can tell us what the next few years hold, but we have a lot of hope for our future in Neenah. Down the road, that could mean a bigger, better branch with more amazing staff and features you’ll love. That kind of growth could mean a change of branch location, or even additional branches in the area.
We want you to know that, no matter what happens, we take our duty to be the best stewards of the investment you make in us seriously and we’ll be there for you.