Comment from Dorothy, Flocco
Dorothy FloccoOpposeIndividual
Summary: A member of Launch Credit Union opposes the merger with Suncoast Credit Union, arguing that it is a "swallowing up" rather than a merger of equals. The commenter expresses concerns regarding the loss of local representation, the lack of transparency regarding the special dividend, and the potential loss of the credit union's community-focused identity.
It is apparent this is not a merger of equals, an MOE. Judging by the financials Suncoast is 10 times bigger. This merger will not see Co CEO's. Launch CEO to retire. & we will have Suncoast CEO. Why does Suncoast initially have 11 board members & Launch gets one? Why is the Special Meeting held AFTER the date ballots (votes) must be received? Launch members are already being asked to vote prior to any meeting. What do Launch members know of the philosophy or culture of the Fl. west coast location of Suncoast? East coast of Brevard county is a mill town. The mill being the space center. We all joined Launch credit union that supports loans & financial services to the people in our area as opposed to a bank. Our neighbors our co-workers benefit. Where does the 15mil Special Dividens money come from? Are our votes being bought for $10. for savings acct & $40. for checking? Even this distribution accounts for 22.26% Where does the remaining 77.74% go? This is not a merger it is a swallowing up of Launch.