Del-One FCU and Louviers FCU

Potential Merger

Dear Member,

We are excited to inform you that Del-One Federal Credit Union has been presented with an amazing opportunity to explore a potential merger with another highly respected credit union in Delaware, and we have entered the application phase of the merger process. The potential merger partnership is with Louviers Federal Credit Union, which has four branch locations in New Castle County. This credit union was chartered in 1968 and currently has approximately 16,000 members and over $220 million in assets. While the merger process is ongoing and many details are being actively worked on, we are committed to keeping you informed every step of the way.

At this stage, no immediate changes are planned, and we will share more details as soon as they are available. We understand you may have questions about how this could impact your membership and any of our daily operations.

Please see below for FAQs that may proactively answer some of your questions regarding this potential merger.

Is either credit union in financial trouble?

No. Both Del-One and Louviers continue to achieve growth and success independently. However, the Board of Directors and Executive Team of both organizations recognize the opportunity of joining together to create a larger institution that can benefit from more efficiencies and resources.

Why consider a possible merger?

We were approached by executives at Louviers Federal Credit Union as they were searching for a merging partner that shares their strong mutual commitment to members, teammates, and the community. By combining the two credit unions, we will be able to strengthen our current markets and expand more throughout Delaware, namely a larger footprint in New Castle County. Together, we will be able to provide better services, more products, competitive teammate benefits, and better growth opportunities by having more budget dollars to devote to the credit union and ultimately our membership. Del-One and Louviers have complementary portfolios, and a merged credit union would create a more diversified, competitive credit union. The merged credit union (Del-One FCU would be the “surviving” or “continuing” credit union) would blend the vision, people, experience, capabilities, and resources of two strong credit unions, benefitting our members, communities, and teammates for the long term.

Would my accounts continue to be insured?

Yes. Your accounts will remain safe, sound and insured, just as they are today.

How else will members from both credit unions benefit from the proposed merger?

Expanded branch network – Members of the combined credit union will have access to sixteen (16) branch locations.
Improved technology – The credit union will be better able to continually invest in the latest technology to make managing your finances convenient and simple.
Greater membership value – The combined deposit and capital base and the economies of scale that would result from this partnership would give us added resources to:
- Offer even greater levels of member service
- Produce a diversification of risk
- Provide new credit union membership opportunities
- Expand our community support programs
- Open branches and additional ATMs in proximity to where members live and/or work
- Offer attractive rates, better accessibility, and lower fees.

Would there be any layoffs because of this merger?
No layoffs are planned for teammates at Louviers or Del-One as a result of this merger. As a larger organization with more complex operations, it is critical that the organization maintain its strong workforce and all teammates will continue to work for the combined organization.

What if the application is not approved?
While this potential merger provides an amazing opportunity for growth, Del-One is financially sound. This potential merger is simply an option that has been presented to enhance our growth, but a merger is not required for our continued success.

What are the next steps?
The merger application is currently under review by federal regulators. Once regulatory approval is received, the Louviers FCU membership would vote on the merger. The merger would then proceed upon an affirmative vote by the members of Louviers Federal Credit Union. As stated above, we are still in the beginning stages of this process and no final decisions have been made. We will keep you informed as we continue with the discussions.

In closing, thank you for being a member and for the trust you place in us. This potential merger could position Del-One for a stronger, more sustainable future where we can continue to deliver enhanced value and opportunities for you, our loyal members.
Regardless of whether this merger comes to fruition or not, we will continuously invest in our teammates and innovative products and services to reach our north star of making Del-One the easiest place for you to do business!

Sincerely,