Suntide CU Proposes To Merge With Penfed

Anon1234 | Feb 22, 2017 | 114 posts since 2010

Received a letter from Suntide CU that they are proposing to merge into PenFed. All eligible members would be paid a 1% special dividend based on regular share account balances as of 12/31/16. Suntide employees will be offered a 3-year guarantee of employment and a one-time retention bonus (max 10% of salary).

This seems to be the standard PenFed offer to institutions it intends to acquire.

The ballot for the merger proposal is due by 5pm 2/28.

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