VALOR FEDERAL CREDIT UNION

In today's ever-changing economy, our Board of Directors evaluated strategic possibilities to ensure that you, our member, will continue to receive the full range of products and services you deserve. After considering alternatives, we determined that a merger with PENZIOX is in the best interest of our members. Both Valor and PENZIOX are in very good financial condition.

Yes, the Valor branches will remain open with the same employees you know so well. Branch hours will also remain the same.

If a member has accounts in credit union A and credit union B, and credit union A merges into credit union B, accounts of credit union A continue to be insured separately from the share deposits of credit union B for six months after the date of the merger or, in the case of a share certificate, the earliest maturity date after the six-month period. In the case of a share certificate that matures within the six-month grace period that is renewed at the same dollar amount, either with or without accrued dividends having been added to the principal amount, and for the same term as the original share certificate, the separate insurance applies to the renewed share certificate until the first maturity date after the six-month period. A share certificate that matures within the six-month grace period that is renewed on any other basis, or that is not renewed, is separately insured only until the end of the six-month grace period.

For dual members, all Valor Credit Union accounts will transfer to the members' existing PENZIOX profiles as separate accounts. If you desire, you can ask that the new, transferred accounts be combined with like PENZIOX accounts that you previously had with PENZIOX, or you can keep the transferred accounts separate.

Yes, 60 days of account history for savings and checking accounts will convert. Pre-merger statements will be available by calling PENZIOX.

PENZIOX will provide all 2017 tax forms.

Statements will be mailed in early April.

Valor Credit Union members may continue to use their Valor checks, even after the merger date. Each checking account holder who ordered Valor Credit Union checks in the last year will receive one free order of checks mailed to them prior to the merger date. We recommend that members begin using PENZIOX checks after the merger date, but in case the PENZIOX checks haven't arrived or there are outstanding Valor Credit Union checks, they will continue to be honored through the end of the year. If you did not order checks in the last year just call PENZIOX after the merger date and they will order checks for you, free of charge.

All Valor Credit Union bill pay accounts and payment information will transfer to PENZIOX's Access Bill Pay system; members will not need to reenter that information.

Valor Credit Union debit cards will remain active for use through close of business on Friday, April 21, 2017. However, we encourage members to activate and begin using their PENZIOX debit cards as soon after the merger date as they are able.

All Valor checking accounts will be mapped to PENZIOX's Access America Checking accounts. Details can be found here: Access-America-Checking. Please note that Valor Credit Union members will not pay a monthly fee on any converted checking account.

No. Valor Credit Union members' direct deposits, ACH, automated credit and debit entries, transfers, all electronic items including retirement and Social Security will be automatically redirected to PENZIOX during the merger process. If they set up a new direct deposit or preauthorized debit after 4/1 they must use their new PENZIOX account number and routing number.

Internal transfers will remain after the merger. PENZIOX will contact the members if any internal transfers cannot be converted.

Valor Credit Union Visa Premier Cash credit cards will convert to a PENZIOX credit card soon after the merger date. Until then your Valor card will continue to work as it always has.

Yes. All loans and CDs will transfer to PENZIOX at the existing Valor rate and term. Consumer lines of credit will transfer at either the Valor or PENZIOX rate, whichever is lower.