• | At closing, the combined entity is projected to have $940 million in assets, $725 million in loans, and $750 million in deposits and will operate 25 branches throughout northwest Wisconsin and southern Minnesota. |
• | While we do expect some changes to occur, many things will stay the same. The combined company will continue to focus on its customers, employees, and its owners. |
• | CCFBank and Wells together are an ideal fit. Both organizations focus on customer service, building relationships, and community outreach. |
• | Wells’ strong market presence and outstanding reputation in southern Minnesota, complements CCFBank’s branch network in Minnesota and both companies are committed to building long lasting relationships with business, Ag, consumer and mortgage customers. The ability to deliver Insurance and Investment products across the franchise through Wells’ subsidiaries is another benefit we can offer to customers. |
• | The combined company will have strong market positions in southern Minnesota and northwest Wisconsin as well as exposure to the dynamic Twin Cities marketplace to support future growth. |
• | You remain employed by Wells until the merger transaction is consummated. This is expected sometime in the third calendar quarter. |
• | Employees of both companies can expect to receive open and transparent communications during all phases of this transaction. |
• | This is an excellent opportunity to work with a growing community bank with shared values, a disciplined business approach and similar types of markets. |
• | CCFBank intends to maintain similar staffing levels within the branches. Customers can expect to work with the same bankers and tellers they've grown to know and trust. |
• | CCFBank intends to maintain and grow the current business lines operated by Wells. CCFBank, like Wells, develops relationships with business, Ag, consumer and mortgage banking customers across its markets, and we are excited to grow the Loan Servicing portfolio. The addition of Insurance and Investments presents an even greater opportunity to deepen relationships with customers across the combined organization. |
• | CCFBank will be communicating with Wells employees regarding their status as we learn about Wells’ processes and procedures in conducting business. Our commitment is to make informed decisions and to retain as many talented employees in the combined organization as possible, while enhancing operating efficiencies. |
• | Severance packages will be offered if a position is eliminated within one year from the transaction closing date. |
o | The agreed upon severance policy for Wells employees is as follows: Employees will receive 1.25 weeks of severance pay, at their current weekly rate, for every year of service. There is a minimum of 2 weeks of severance pay and a maximum of 26 weeks of severance pay. |
• | The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a law that gives workers who lose their health benefits the option to continue group health benefits provided by the plan under certain circumstances. Employees who do not continue on with CCFBank and who qualify for COBRA benefits will be notified on an individual basis. |
• | Wells welfare benefits will continue as they are currently through Wells’ plan year (December 31, 2017). A full review of CCFBank and Wells welfare benefits to determine the best value will be completed prior to the 2018 Plan enrollment cycle with customary enrollment meetings in the Fall of 2017. |
• | A CCFBank Summary of Benefits booklet will be provided to you for your review prior to conducting employee meetings. |
• | Any accrued and unused PTO balances will be transferred to CCFBank at the time of closing. Employees will then start accruing PTO based on CCFBank’s PTO policy. |
• | For the time being, please continue to work with your direct manager in regards to approved scheduled time off. |
• | Wells employees will receive credit for their years of service to determine benefits under CCFBank plans. |
• | Wells Flexible Spending Accounts (FSA’s) will also continue under the Wells plan through December 31, 2017. CCFBank also offers FSA’s. |
• | If an employee meets the qualifications for FMLA, they would still be eligible for the leave with no interruptions. |
• | If an employee is on an approved leave of absence, the leave will be honored by CCFBank. |
• | Wells employees will be eligible to participate in CCFBank’s 401k plan immediately. The safe harbor plan has a match up to 4% of an employee's salary if certain deferral conditions are met. The employee match vests immediately. |
• | Wells employees will continue with annual compliance training. |
• | Upon closing, Wells will adopt the CCFBank name and the holding company will be Citizens Community Bancorp, Inc. |
• | After closing, building signage and other marketing materials will be updated to reflect the name change. |
• | CCFBank will continue to maintain Administrative Headquarters in Eau Claire, Wisconsin. |
• | CCFBank intends to retain some of Wells’ functions such as secondary market Mortgage Loan Servicing, insurance and investments and leadership for the region in Wells, MN, but will finalize these plans closer to the transaction closing. |
• | The transaction is expected to close in the third calendar quarter of 2017. This will follow all regulatory approvals and the approval of Wells’ stockholders. |
• | All customers will be notified in writing before any changes are made, and in conformance with regulatory requirements. We will inform them of the upcoming changes and how they will benefit, and what they need to be aware of to continue their banking activities as usual. |
• | All Wells customers will receive a welcome mailing before closing as well as additional communication regarding their accounts. |
• | CCFBank’s primary goals in this transaction are to ensure that it preserves the value of the business and to continue providing excellent service to Wells’ customers. The customer should see very few changes other than the name change, which will not occur until closing. |
• | Customers will benefit from the combined entity. From a broad community bank product offering to insurance and investments, we can meet the needs of virtually all customers in our markets. |
• | In addition, customers will be able to continue their relationship with their favorite banker or contact at their local branch, while having 24/7 access to the latest mobile banking technology wherever they go. |
• | Customers will have more locations to choose from to do their banking once the merger is complete. |
• | Wells customers will be transitioned to CCFBank’s systems at the time of closing or shortly thereafter. Like Wells, CCFBank is a Fiserv Premier and Integrated Teller bank. |
• | CCFBank will also be hosting a special website page to serve as a communication hub for customers. Links to that page will be provided on Wells’ website in the next week or so. |
• | Refer customer questions to bankers assigned to their accounts. |
• | No. It's business as usual. Customers can continue to bank exactly as they do for now. Customers can continue to access their money by writing checks, using ATM and debit cards and/or online and mobile banking. |
• | Advance notice will be given to customers prior to any material change to their account(s). |
• | All checking/savings/CD account numbers will remain the same at this time. If any changes to account numbers are required in the future, we will communicate these changes to affected customers well in advance of those changes. |
• | Customers can only use a branch of the institution where their account was opened, Wells or CCFBank, until closing. We expect the combining of banking systems to be smooth since we both are Fiserv banks, and we expect the conversion to occur in August at which time deposit and loan records will be integrated. |
• | An integration team of Wells and CCFBank employees will work together on the conversion. CCFBank has worked with system conversions twice in the past year. CCFBank will also provide “Buddy Bankers” for every location to support, assist or answer questions of Wells staff. These “Buddy Bankers” are well versed in CCFBank products, services and systems which will make the transition as smooth as possible. |
• | Yes. Training will be coordinated through CCFBank training teams for all employees. A detailed training program will be communicated to include products, services, procedures and systems as needed. |
• | Ongoing information will be available through your Supervisor or Manager. CCFBank will provide additional updates as information becomes available. You can utilize the askccfbank@ccf.us to ask any questions you may have. |
• | Answers to questions submitted via this address will be communicated on a regular basis. |
• | Closing date is when Wells is owned by CCFBank. |
• | Conversion date is when account records convert over to CCFBank systems. |
• | Employees, officers and directors are not authorized spokespersons and should refer all requests to Steve Bianchi at 715-839-4661 sbianchi@ccf.us. If not available, please take a message (name, publication, contact information) and forward it to him. |
• | Employees of both organizations should follow their respective Social Media Policies and Guidelines. |
• | You may address any questions or concerns with your direct supervisor. |
• | The Administrative Center will serve as the main location for information pertaining to this transition. We will continue to gather frequently asked questions and provide answers appropriately for everyone's benefit. |