On November 19th the last remaining credit union to service Sears employees will be closing business and merging with PrimeSource Credit Union.
70 Year Old Credit Union
Sears Spokane Employees Federal Credit Union is over 70 years old and serves about 528 members with approximately $3.5 million in assets. Over 27 credit unions have served Sears employees; they have all either liquidated, merged or re-branded.
Between August 2018 and 2005 when Kmart became part of the parent company Sears Holdings, 2,634 stores have closed and laid off more than 50,000 full and part-time employees in both Sears and Kmart locations.
Smaller Employee Base
Sears Spokane Employees Federal Credit Union, Ceo Mark Smith said “With the steady decline of Sears Holdings, we were having a difficult time attracting new members from the employee base, as they were usually very short-term employees or mostly part-time workers,” he said. “The credit union was actually in the process of obtaining an underserved charter expansion, but with mounting pressure from our regulator over the risk of being located within a Sears store, we began to review our options and just kept coming to the same conclusion: we cannot afford to operate on our own should Sears close the store we are located in.”
The Sears that the SSEFCU was located in is not on the list of store closures in compliance with Sears Chapter 11 bankruptcy negotiations. The merger is to protect the future of the retired Sears employees and their families, as well as the current members still employed with Sears and Kmart.
Sears Credit Union Notes Move
On the homepage of the Sears Credit Union website “We’re Moving! Sears Spokane Employees FCU will be moving offices after the close of business on 10/31/2018. We will be moving into the main branch of PrimeSource CU located at 9707 N Nevada, Spokane, WA and will be open for business on 11/01/2018 at our regular hours. Please feel free to call the credit union with any questions you may have.”
As part of the merger negotiations, all of the Sears Credit Union employees are expected to keep their jobs.
PrimeSource Credit Union opened its doors in 1935 serving telephone company employees as Telco Credit Union.
If you have lost your job or other unforeseen circumstances has made it difficult to pay your bills. Consider contacting a Dallas bankruptcy attorney to discuss what options you may have.