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Member Vote Basics
What to Expect
The proposed merger of CAP COM with SEFCU requires the approval of CAP COM members by a majority vote. For the new credit union to operate statewide, CAP COM’s field of membership would join with SEFCU’s to create a new credit union.
Only CAP COM members can vote on the merger, according to industry regulations. Regulators have granted approval to proceed to the member vote which will begin in early May and end in late June. Votes will be tabulated by CU Ballot, an independent company that specializes in credit union voting.
Below is a basic overview of the voting process, so you know what to expect. Watch your email and home mailbox for information in early May and visit www.capcomfcu.org/together for updates. We encourage you to participate!
Only CAP COM members will be voting. And, only the members who vote will determine the outcome (by a simple majority). If you don’t cast a vote, it won’t count either way. There will be a 45-day window to cast your vote. You will receive a Voting Ballot Packet in the mail around May 5, along with reminders to vote.
Voting Integrity and Security
There is nothing more consequential for CAP COM than this vote. The result will determine the future of organization and the services we provide to our members. That is why we have engaged the services of an outside, independent third party to execute the process and certify the result. With nearly 20 years of experience, CU Ballot will guide this process with integrity and accuracy.
On March 25, 2022, the National Credit Union Administration (NCUA) approved the merger of CAP COM and SEFCU. There is a 45-day window to cast your vote beginning on May 5, 2022. Ballots by mail will be accepted through June 21, 2022. Ballots submitted online will be accepted until June 22, 2022 at 5:20 p.m. Details will be included in the Voting Ballot Packet to be mailed the first week of May.
For the new credit union to operate statewide, CAP COM’s field of membership would join with SEFCU’s to create a new credit union. Therefore, only CAP COM members can vote on the merger, according to industry regulations. Each CAP COM member age 18+ with at least $1.00 on deposit as of March 31, 2022 would be eligible to cast one vote on the proposed merger – by paper ballot or online. Typically, a member is eligible to vote as the primary account holder. A joint account holder is generally not considered a member unless he or she has established a membership on their own.
Merger Ballot Packet Contents
Your Voting Ballot Packet will contain information about how to mail the ballot or vote online. It will also contain a summary of merger benefits and frequently asked questions. If multiple CAP COM members reside in your household, each one eligible to vote will receive a packet. Only one vote per eligible member is allowed.
A one-sheet Ballot for Merger Proposal (with a postage-paid return envelope) will be included in the packet, as well as instructions for casting your vote electronically. Eligible voting members will be able to cast one vote, regardless of the number of accounts at CAP COM or the amount on deposit. Voting will be available from the time the packet with the Notice of Special Meeting is sent, up through the meeting.
Ways to Vote
Once voting opens, to vote by mail, select that you APPROVE or DO NOT APPROVE the merger, include your member account number, print and sign your name, include the date, and use the postage-paid return envelope in the packet to return your paper ballot. To vote online, follow the instructions included in the Voting Ballot Packet to cast your ballot. If you cast more than one vote for the same member account, only the first one received will be counted.
All votes, submitted by paper ballot or electronically, will go to an independent third party that will tabulate the vote. Every vote is confidential. Individual paper and electronic ballots collected by the third-party will not be shared. Therefore, CAP COM will not know if a member voted, or how they voted, but will receive aggregate vote totals.
If you prefer, you can vote online at the Special Meeting for members. This virtual event scheduled to occur on the last day of voting: Wednesday June 22, 2022, starting at 5:00 p.m. The Voting Ballot Packet will contain the Notice of the Special Meeting. RSVP if you would like to join the virtual meeting.
A simple majority of CAP COM members who vote to approve the merger allows it to proceed. The results of the vote, tabulated by an independent third party, will be announced at the end of the Special Meeting.
How to Stay Informed
Watch your email and home mailbox for information and visit www.capcomfcu.org/together for updates.