All Legacy members were recently notified of a proposal to convert from a Federal to a State Chartered Credit Union. This proposition will be decided by a majority of the members who vote either through mail-in ballot or at the scheduled meeting. Please carefully review the letter, Notice of Meeting, and the ballot you received prior to submitting your vote. Below, we have addressed some frequently asked questions to better assist our members in understanding what the proposal means for Legacy and our members.
- When is the meeting?
Notice is hereby given that a meeting of the members of Legacy Community Federal Credit Union has been called and will be held at: 100 Corporate Ridge, Ground Floor Training Room, Birmingham, Alabama 35242 on Monday, November 16, 2026, at 1:15 PM.
- How can I vote?
You may cast your vote by printing the attached ballot and mailing it to Legacy Ballot 100 Corporate Ridge Suite 200, Birmingham Al 35242 by November 16, 2026. Or, you may cast your vote at the Special Meeting being held on Monday, November 16, 2026, at 1:15 PM at 100 Corporate Ridge, Birmingham AL 35242.
- How will this change help me as a member and specific financial benefits will existing members receive from this conversion?
The proposed charter change will help our ability to compete and thrive. The expansion to a state charter sets the Credit Union up for future growth opportunities that will allow us to remain competitive in the market, while focusing on providing top-tier products and services that benefit our members. Continued growth will also be important to help cover the ever-increasing costs of regulatory compliance, cybersecurity, fraud prevention and mitigation, and upgraded technology. This change will positively impact the member experience and Legacy’s ability to provide the services our members need, want, and deserve.
- What are the anticipated costs associated with the conversion?
The estimated one-time costs for the conversion, including ballot postage, are $20,000. In addition, $150,000 has been budgeted for updated signage due to the name change. Signage costs will be spread over a period of years and will in many cases replace older signs that would have required maintenance or replacement anyway. Consequently, there will be little impact on the bottom line for Legacy.
- Will Legacy retain NCUA federal share insurance through the National Credit Union Share Insurance Fund?
We are pleased to point out that there will be no change to our Federal Deposit Insurance. Deposits will remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000
- What specific Alabama counties or markets does Legacy intend to enter?
If approved to change to a State Charter, Legacy will automatically gain Tuscaloosa, Marshall, Morgan, Winston, and Lawrence counties as part of our field of membership. Other counties may be pursued in the future, in alignment with our strategic planning and goals.
- How will the change in regulatory oversight affect the institution's financial accountability and member protections?
Changing to a State Charter means Legacy will be under the regulatory oversight of the State of Alabama Credit Union Administration (ACUA), as well as the National Credit Union Administration (NCUA). Legacy will remain committed to our members, and there will be no impact on the institution’s financial accountability and member protections.
- What financial projections support the belief that this conversion will strengthen Legacy's long-term financial position?
Continued growth will be important to help cover the ever-increasing costs of regulatory compliance, cybersecurity, fraud prevention and mitigation, and upgraded technology. Legacy has worked with 3rd-party consultants and reviewed industry statistics that confirm the positive impact of growth on overall financial performance.
- Will Legacy change its name?
Our name will formally change from Legacy Community Federal Credit Union to Legacy Credit Union. However, members may not notice a significant change, as our branding has primarily and consistently utilized “Legacy” and “Legacy Credit Union” in recent years.
For more detailed information, please refer to the email or letter you received.
