FREMONT FIRST FEDERAL CREDIT UNION

The merger with PenFed will be completed on Monday, October 1, 2018.

In today’s ever-changing economy, our Board of Directors evaluated strategic possibilities to assure 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 PenFed is in the best interest of our members. Fremont First and PenFed are in very good financial condition.

The Fremont First FCU branch located at 1715 North Bell Street will remain open with the same employees you know so well. The branch hours for this location will also remain the same. The branch. location at 249 North Park Ave. will close prior to the merger on September 28, 2018.

All Fremont First accounts will be mapped to equivalent PenFed accounts.

For dual members, all Fremont First accounts will transfer to the members’ existing PenFed profiles as separate accounts. If they desire, members can ask that the new, transferred accounts be combined with like PenFed accounts that they previously had with PenFed, or they can keep the transferred accounts separate.

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

Statements will be mailed in early October.

Fremont First FCU members may continue to use their Fremont First checks, even after the merger date. Each checking accountholder who ordered Fremont First checks in the last year will receive one free order of checks. We recommend that members begin using PenFed checks after the merger date, but in case the PenFed checks haven’t arrived or there are outstanding Fremont First checks, they will continue to be honored through the end of the year.

The only method of overdraft protection available to PenFed members is via our Overdraft Line of Credit (OLOC) account. When needed, the OLOC advances the exact amount needed to the checking account to cover an overdraft. There are no per-advance fees; the member only pays the amount of finance charge that accrues between the date of the advance and the date it is paid.

No. Fremont First CU members' direct deposits, ACH, automated credit and debit entries, transfers, all electronic items including retirement and Social Security will be automatically redirected to PenFed during the merger process. If a new direct deposit or preauthorized debit is setup after October 1st, the new PenFed accounbt number and routing number be used.

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

Fremont First FCU credit cards will convert to PenFed in October. Until then, your Fremont Credit Card will continue to work as it always has. Additional correspondence will be sent to members affected by this.

Yes. All fixed-rate loans will transfer to PenFed at the existing Fremont First rate and term. Consumer personal lines of credit will transfer at either the Fremont First or PenFed rate, whichever is lower.