Mutual Savings Credit Union Merger

Dear Mutual Savings Credit Union Member:

Please find included in this mailing a notice and ballot for your review and action. This ballot presents an exciting opportunity for all of us to vote on a new direction for Mutual Savings Credit Union (Mutual Savings).

Over the last several years and as a part of our on-going efforts to provide the very best in member service, we have continuously looked for ways to provide the Mutual Savings membership with better rates, lower fees, additional products and services. We have sought to do so in a safe and sound manner while striving to remain competitive in what has become a rapidly changing financial marketplace. That has and continues to be our primary goal. To that end and after careful consideration, it is the opinion of the Mutual Savings Board of Directors that the best path for the future of Mutual Savings and its members is in a merger with the larger, and also Southern Company-affiliated credit union, APCO Employees Credit Union (APCO).

Mutual Savings and APCO have a strong financial foundation, and both serve employees of Southern Company and its affiliates and have many shared members, values, and approaches to serving their membership. Twice recognized by the Credit Union National Association as the nation’s top credit union for delivering benefits to members, APCO serves 86,000 members, has 28 branch locations, and a 24/7 dedicated contact center to respond to member needs.

APCO total assets are approximately $3.5 billion, compared with Mutual Savings total assets of approximately $74 million. By merging Mutual Savings’ 5,500 members, the combined credit union will be poised to provide Mutual Savings members enhanced customer service, greater investment in technology, higher savings rates, low fees, and a wider range of products and services to employees of Southern Company and its affiliated companies. Merging with APCO will allow for additional branch growth throughout Southern Company’s territory, and your deposit accounts will continue to be safeguarded and federally insured, as they are now. Furthermore, Mutual Savings will continue to be staffed with the same great team dedicated to providing exceptional member service. The Board of Directors of Mutual Savings is confident this proposed merger presents a beneficial opportunity to ensure the long-term sustainability of Mutual Savings and its membership.

For More Information:

We encourage you to visit the link below to learn more about APCO Employees Credit Union as well as answer any questions you have about the merger and the merger process. Please visit https://mutualsavingscu.org/merger.php or scan the QR Code below with your digital device.

To proceed with the merger a request was submitted, as required by the National Credit Union Administration (NCUA), for review and permission for us to proceed. The approval to merge was granted by the NCUA on September 26, 2024. As the final steps, the Mutual Savings Credit Union members must vote on this merger and as part of the voting process a membership meeting must be held to vote for and approve the merger with APCO Employees Credit Union.

The Mutual Savings Board of Directors is pleased to present you, our valued member, with the opportunity to vote on this very important recommendation. You have the option to vote early either electronically using the Vote Now button above, or you can vote early using the attached mail-in ballot. You can also wait and vote at the membership meeting. In order to finalize the merger, a membership meeting is currently scheduled for December 30, 2024, at 11:00 AM ET, with a completed merger targeted by January 1, 2025.

We recommend a YES vote on the ballot. It is truly a win-win for all of us!