PROFOUND COMMUNICATIONS: SMOOTH SAILING FOR THE OMAL AND OHIO VALLEY CREDIT UNION MERGER
OMAL Credit Union and Ohio Valley Credit Union were planning to merge. Each required a solid plan to ensure the success as well as community acceptance of the merger. Both Credit Unions believed they may potentially encounter negative reaction and wanted to proactively communicate all positive aspects of the merger to all members.
Profound has built its core business around its knowledge of credit unions and the financial services industry, and therefore was able to present to the Ohio Valley Credit Union a full-service merger implementation plan. Many other communication firms may have been able to design communication materials as well, but Profound’s unique experience ensures that its staff understands not only all the details that need to be considered, but also the employees of Profound are experts in compliance, disclosure and regulations, as well as have first-hand experience in the areas of financial institutions, operations, lending, finance, human resources, training and marketing/business development.
To enable each credit union to successfully execute the merger, Profound, in collaboration with credit union management, first created a working organizational document detailing departmental as well as individual tasks and timelines. This action plan included tasks to be remembered and completed to ensure that all team members were on the same page about the expectations for completion and delivery. Profound was successful in advising the credit union to avoid costly mistakes. Profound’s merger implementation plan incorporated the company’s expertise that allowed credit union executives to concentrate on their primary job of maintaining the organization instead of neglecting their everyday duties to spend too many internal resources on the merger. The focus that Profound lended to the project made the entire merger experience less complicated for all involved.
In addition to the extensive merger action plan, Profound developed an event to ease merger implementation:
- The event consisted of four community meetings – two in the morning and two in the afternoon for each credit union’s membership. Profound strategized with the credit unions in advance to determine what would be communicated and determined goals and expected outcomes for the meetings.
- The meetings featured board members and each credit union CEO, who were then available for questions and answers.
- Profound representatives facilitated the meetings.
- Profound provided a package of information for all attendees.
- Letters created by Profound invited members to the open forums to discuss the merger and informed members about the merger and when it would take place.
Ohio Valley Credit Union and OMAL Credit Union members were well-informed about the change and the merger was finalized in June 2003. The credit union rated the merger implementation as a success.