Form FIS1057 "Application for Permission to Merge a Credit Union With Another Credit Union" - Michigan

What Is Form FIS1057?

This is a legal form that was released by the Michigan Department of Insurance and Financial Services - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on September 1, 2020;
  • The latest edition provided by the Michigan Department of Insurance and Financial Services;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form FIS1057 by clicking the link below or browse more documents and templates provided by the Michigan Department of Insurance and Financial Services.

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Download Form FIS1057 "Application for Permission to Merge a Credit Union With Another Credit Union" - Michigan

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FIS 1057 (09/20) Department of Insurance and Financial Services Page 1 of 11
Application for Permission to Merge a Credit Union with Another Credit Union
Mergers of credit unions are subject to the requirements of Section 371 of the Michigan Credit Union
Act of 2003 and Part 708b of the NCUA Rules and Regulations.
The information contained on Pages 1 and 2 of this form is available for public inspection,
examination, or copying pursuant to the provisions of the Freedom of Information Act, PA 442
of 1976, MCL 15.231 et seq.
Surviving Credit Union Information
Name of Credit Union
Street Address
City, Village or Township
County
State
Zip Code
Name of Liaison
Title of Liaison
Telephone No. of Liaison
Signature of Person(s) Authorized to Submit this Application
Signature
Name and Title
Signature
Name and Title
Merging Credit Union Information
Name of Credit Union
Street Address
City, Village or Township
County
State
Zip Code
Name of Liaison
Title of Liaison
Telephone No. of Liaison
Signature of Person(s) Authorized to Submit this Application
Signature
Name and Title
Signature
Name and Title
FIS 1057 (09/20) Department of Insurance and Financial Services Page 1 of 11
Application for Permission to Merge a Credit Union with Another Credit Union
Mergers of credit unions are subject to the requirements of Section 371 of the Michigan Credit Union
Act of 2003 and Part 708b of the NCUA Rules and Regulations.
The information contained on Pages 1 and 2 of this form is available for public inspection,
examination, or copying pursuant to the provisions of the Freedom of Information Act, PA 442
of 1976, MCL 15.231 et seq.
Surviving Credit Union Information
Name of Credit Union
Street Address
City, Village or Township
County
State
Zip Code
Name of Liaison
Title of Liaison
Telephone No. of Liaison
Signature of Person(s) Authorized to Submit this Application
Signature
Name and Title
Signature
Name and Title
Merging Credit Union Information
Name of Credit Union
Street Address
City, Village or Township
County
State
Zip Code
Name of Liaison
Title of Liaison
Telephone No. of Liaison
Signature of Person(s) Authorized to Submit this Application
Signature
Name and Title
Signature
Name and Title
FIS 1057 (09/20) Department of Insurance and Financial Services Page 2 of 11
Please summarize your request below:
FIS 1057 (09/20) Department of Insurance and Financial Services Page 3 of 11
Application for Permission to Merge a Credit Union with Another Credit Union
The following information will be utilized to evaluate the safety and soundness of the request
and is provided subject to Section 207 of the Michigan Credit Union Act of 2003; MCL 490.207.
The information provided under this Section will be kept confidential and privileged and is
not subject to discovery or any request under the Freedom of Information Act, 1976 PA 442,
MCL 15.231 et seq.
Please submit the following information addressed to the Director of the Department of Insurance and
Financial Services (DIFS):
-
A copy of the Board resolution of each participating credit union which authorizes the
person(s) to sign the merger documents and to submit the application to the regulatory
authority, certified by the Board Presiding Officer and Secretary of the respective credit
union.
-
A copy of the Board resolution of each participating credit union which approved the
merger plan, certified by the Board Presiding Officer and Secretary of the respective credit
union. If applicable, the surviving credit union should include in the Board minutes any
resolution to incorporate the merging credit union’s Field of Membership into the surviving
credit union’s Field of Membership. Provide copies of the applicable board minutes.
-
A current month-end financial statement for each merger participant.
-
A current month-end delinquent loan summary for each merger participant.
-
A current analysis of the allowance for loan and lease losses (ALLL).
-
A copy of the merger plan with original signatures of the authorized representatives of
the constituent credit unions. When developing a merger plan, some of the topics to be
considered should include, as appropriate:
a. Terms and conditions of the merger plan
- warranties or representations by the respective parties
- provision for amendment or termination
- procedures/provisions if the merger is not consummated
- facts or events which could cause cancellation
- resulting field of membership of the surviving credit union
b. Responsibilities of the respective parties
c. Approval of the regulatory agencies is required
d. Status of the field of membership of the merging credit union
e. Disposition of the employees of the merging credit union and their benefit packages
f.
Disposition of the office site(s) of the merging credit union
g. Changes to be made in the surviving CU's board of directors and/or management
h. Recognition of the surviving credit union's bylaws and amendments thereto
i.
Material or substantive change in the operation of the surviving credit union
j.
Reduction of excess capital of the merging credit union through a loan interest
rebate and/or special dividend to its members.
-
A copy of any agreements with senior management of the merging credit union and/or
FIS 1057 (09/20) Department of Insurance and Financial Services Page 4 of 11
any other supplemental agreements related to the merger.
-
A copy of the merging credit union's notice to its membership of the vote on the
proposed merger plan.
-
A copy of the ballot. The ballot must not bear any information which could identify
the voting member.
-
A written statement, certified by the Board Presiding Officer and Secretary of the
merging credit union, of the results of the membership vote on the merger plan.
-
A statement of any amendment to the certificate of organization of the surviving credit
union affected by the merger.
-
When available, a signed verification of the date written notice of the special meeting
was mailed to the members. Please note section 371 of the Michigan Credit Union Act
requires a minimum of 7 days and not more than 30 days before the meeting.
DIFS will not accept an incomplete application. The complete corporate name of each credit union must
be used in the application and merger documents. The application must be filed with original signatures
where applicable. A duplicate of the application materials must be filed with the National Credit Union
Administration (NCUA), Alexandria, Virginia.
Complete responses to all applicable questions will expedite processing of the application. The Director
will consider the application with respect to the general business of the credit unions and the applicable
state and federal statutes. The Director will issue a written decision on the application. If the application
is approved, the surviving credit union may be responsible for any prorated operating fee(s) assessed to
the non-surviving credit union(s). The operating fee payment will be due prior to final documents being
issued by DIFS.
A completed application and supporting information should be mailed to:
DIFS OFFICE OF CREDIT UNIONS
ATTENTION: CORPORATE ACTIVITIES AND RISK ASSESSMENT
P.O. BOX 30220
LANSING, MI 48909-7720
Or fax to:
517-284-8846
Or Email to:
DIFS-OCU@michigan.gov
If sending via Email, please ensure the file is secured and encrypted prior to sending. Any questions
pertaining to the completion of this application should be directed to Corporate Activities and Risk
Assessment, telephone 517-284-8822.
FIS 1057 (09/20) Department of Insurance and Financial Services Page 5 of 11
Template Forms
The following pages contain template forms:
• Merger Plan
• Surviving Credit Union Board Resolution
• Merging Credit Union Board Resolution
• Ballot for Merger Proposal
• Report of the Membership Vote
While a credit union may use their own forms, the forms submitted with the application at a minimum
must substantially include the information contained within these templates. In addition, the forms
must comply with the requirements stated within the Michigan Credit Union Act, the credit union’s
bylaws, and this application.
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