Increased Strength With Continued
Local Service
On August 31, 2010, First American Credit Union was purchased and assumed by First Community Federal Credit Union (FCFCU) headquartered in Parchment, Michigan.
What does this mean for you? You will be provided with uninterrupted service at your nearby branches — retaining the name of First American Credit Union. For additional information, please review the FAQs section on this page.
If you are unable to find the information you are looking for, send your question to a Service Specialist, call 608-364-3700, or call us toll-free 800-776-7159.
Q: Who is First Comunity Federal Credit Union (FCFCU)?
First Community Federal Credit Union, with headquaters located at 550 South Riverview in Parchment, Michigan was founded in 1938 by employees of a local paper manufacturer. FCFCU currently serves over 78,000 members and operates with 16 branch offices. To learn more about FCFCU, visit www.1stcomm.org.
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Q: Why are First American and FCFCU combining forces?
Combining forces among our two credit unions allows us to provide even more services to our members while being more cost efficient – ultimately allowing us to provide competitive savings rates, checking rates, loan rates and reduced service charges. First Community FCU is committed, just like us, to putting members FIRST; we looked for a credit union partner that offered competitive rates, financial strength and the types of products and services we want to offer our members. FCFCU is the best possible fit for our membership. Back to top
Q: Will First American change its name?
At this time, we’re still operating under the name of First American Credit Union.
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Q: Is FCFCU affiliated with the First Community Credit Union that’s headquartered in Beloit?
No, FCFCU is in no way affiliated with them. Back to top
Q: What is FCFCU’s BauerFinancial Star Rating?
FCFCU has been afforded the highest performance rating provided by BauerFinancial, Inc. with a Five-Star Superior rating. Select criteria are used to determine the BauerFinancial Star Rating, including but not limited to: profitability/loss trend, evaluating the level of delinquent loans, charge offs and repossessed assets, the market versus book value of the investment portfolio, regulatory supervisory agreements, historical data and liquidity. Learn more about BauerFinancial Star Ratings at www.bauerfinancial.com.
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Q: Will there be changes to my accounts and services?
At this time, nothing will change with regard to account numbers or basic structuring of services. We will continue to operate under our current member data system, which means you will enjoy the same access that you’re used to with regard to online banking, 24-hour telephone teller, online bill payment, direct deposit and ATM/debit card access. You will be notified well in advance of any changes if and when they are to occur.
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Q: Are the lobby and drive-thru hours changing?
At this time, our hours are remaining the same. If this should change in the future, and we will notify you ahead of time in our lobbies, statement notices and on our website.
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Q: Will products and rates change?
In the near future, we will review our rates on certificates of deposit and other savings accounts to make determination if we are able to make adjustments. We’ll also be looking at our loan rates and seeing if there are opportunities for changes as well. Until further notice, our rates will continue to compound and pay in the same format as currently. FCFCU offers rewards pricing connected to checking relationships. Over time, this will be introduced to the members here as well.
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Q: What if my ATM/debit card expires soon? Will it continue to be a First American card?
A: If your FACU ATM or debit card expires any time soon, you will receive a replacement card that appears the same as you’ve had before – with no changes to your ATM access or PIN. Back to top
Q: I am almost out of checks and need to reorder. Will they still be First American checks?
Continue to order checks in the same way you’ve done in the past. Your First American checks will continue to be honored, and we are not changing our account numbers or routing information in the near future. Back to top
Q: If I happen to be in Michigan, can I use FCFCU branches?
We anticipate being able to offer you remote service to your account at FCFCU branches in the future. At this time, we are not operating on the same data system, which limits account access at this time to area FACU branches along with area Credit Union Family Service Center location (visit www.1stcomm.org for links to area locations).
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Q: Will there be representation from First American on the FCFCU Board of Directors?
Yes. One seat on the FCFCU board will be filled by a sitting member of the First American board; this individual has yet to be determined. Back to top
Q: Will my monthly statements change?
In order to comply with NCUA regulations, you will receive a statement dated August, 31, 2010 that will show account activity since your last statement. For consumer members, this will include transactions from August 16 – August 31. For business members, this will be the same as usual with a cycle from August 1 – August 31. Going forward, we don’t expect any changes to the look or distribution dates of your statements. Should this change in the future, we will notify you in advance.
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Q: Does this change my NCUA insurance coverage?
No, your savings are still federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Back to top
Q: Why didn’t the FACU membership get to vote?
Although what transpired between can be considered a merger transaction, the technical process was a Purchase and Assumption which does not require a membership vote per the NCUA. FCFCU purchased the assets and assumed the liabilities of FACU.
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Q: Why didn't you merge with anyone locally?
Only credit unions approved and invited to a special meeting by the NCUA were considered as partners. They did not identify any local credit unions that fit the necessary requirements. Back to top
