It’s increasingly difficult to grow and thrive as a one-branch credit union. We’re committed to the credit union philosophy and want to remain local, but we need additional resources to provide our community with all of the products and services they need and want. This merger provides us with those resources without compromising our commitment to you and our community. We want you to be able to have all your financial needs met right here in the Coastal Bend, at this branch office.
The merger is contingent on the Homeport members voting in favor of the merger and will be put to a vote through a "virtual meeting" set for Friday, June 26, 2020 starting at 7 p.m.
Homeport members can cast their official vote through the ballot included in the May 12, 2020 mailing or at the virtual meeting.
As the integration begins, you’ll have access to more products and services, both in the branch and online. You’ll see stronger involvement in the community and growth here at the branch. Gulf Coast FCU really appreciates this opportunity to serve you and looks forward to getting to know our membership. You can expect communication, in advance, on any changes to your accounts that will impact you.
No, this was something our leadership had been considering for some time and we know that this merger is one that will be a partnership that continues to prioritize members and the community.
Homeport staff will be offered positions with Gulf Coast FCU. Current Homeport Board members will be offered positions in the Gulf Coast FCU Advisory Board & Supervisory Committee.
The Staples St branch will remain open at least through November 30, 2020 (when the current lease expires).
The merger is contingent on the Homeport members voting in favor of the merger and will be put to a vote through a "virtual meeting" set for Friday, June 26, 2020 starting at 7 p.m. With the continued issues stemming from COVID-19 and keeping the overall interest of the members and staff in mind, the Board chose to host a “virtual meeting” instead of an in-person meeting.
Additionally, we will be sending a mailing to all eligible members (age 16 and above). Homeport members can cast their official vote through the ballot mailing or at the virtual meeting.
Following the meeting, the election results will be certified and NCUA notified of the results. The goal is to have the merger effective on June 30, 2020.
For the merger to pass, the majority of votes cast must be in favor of the merger.
Each member (regular share owner over the age of 16) has one vote. Joint owners/joint members can not vote unless they have their own share account.
The voting process will be a combination of mail ballots and electronic ballots cast at a “virtual meeting” held on Friday, June 26, 2020.
We wil mail the Member Meeting Notice, Ballot, Combined Set of Financials, and Information on Gulf Coast FCU by Tuesday, May 12, 2020. You should receive it shortly after.
Homeport members will gain access to the virtual meeting via a link on this page. The virtual meeting will include members having the capability of asking questions to credit union officials and receiving an immediate response.
The “virtual meeting” will be coordinated by Credit Union Resources (Division of the Cornerstone Credit Union League) with the meeting set for Friday, June 26, 2020 at 7 p.m.
The Homeport Board and Interim President/CEO identified five Corpus Christi headquartered credit unions. The field was narrowed to two credit unions. The Presidents/CEOs of each credit union made presentations to the Homeport Board. The presentations were followed by several rounds of questions/answers and Gulf Coast FCU was unanimously chosen by the Homeport Board.
There were several factors in Gulf Coast FCU’s favor including financial strength, multiple branch network, savings rates, comprehensive array of loan products and a special merger dividend.
Total Assets exceeding $211 Million
Total Loans approximating $193 Million
Total Deposits approximating $190 Million
Capital Reserves exceeding $21 Million
Gulf Coast FCU cuently has 4 branches in the greater Corpus Christi area. They also have plans to expand into several additional South Texas counties.
Auto Loans (including indirect auto loans for one stop shopping), Home Equity, Home Mortgages, Credit Card Program (in-house credit card program), and more!
Gulf Coast offered (and the Homeport Board accepted) to include a special merger dividend to all Homeport members. The dividend will be a 4% dividend paid on the regular share balances (based on regular share balances as of October 1, 2019).
This special merger dividend is a great way to reward the Homeport members for their loyalty and support over the past years. This dividend is expected to be paid at the time the merger is concluded (estimated as of June 30, 2020).
In the coming months the member data system of Homeport will be fully combined into the Gulf Coast member data system. Plans are under review for a process to allow Homeport members to access their former-Homeport accounts at Gulf Cost FCU branches until the data system integration is complete.
Homeport members will immediately realize the benefit of higher rates on all savings products and access to Gulf Coast’s comprehensive fleet of loan products.
At this point you will continue to use all your Homeport FCU accounts, online banking, etc., as usual. In the coming months we will begin integrating the two credit union operational systems. During this time we will be sure to communicate with you regularly about any changes regarding your account information.
Once the conversion is complete, you will need to sign up for Gulf Coast FCU’s online and mobile banking services, which will include some great new features! Information about how to enroll will be forthcoming
Homeport debit cards and credit cards will continue to function as before. Checks written against Homeport share draft (checking) accounts will continue to clear as normal.
At this time we are reviewing if these will have to change. We will provide more information as it becomes available to us.
This will be possible once the operating system conversion is completed, the expected date will be announced soon.
Yes, both credit unions are federally chartered and federally insured so your savings accounts will continue to be insured through NCUA.
This page is updated frequently to reflect real time information. Page Updated: 5/7/2020 at 11am
Homeport Federal Credit Union
5959 S Staples St. Suite 100 Corpus Christi, TX 78413
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