permaculture

[Wesley Roe and Santa Barbara Permaculture Network <lakinroe@silcom.com>]

Permaculture Credit Union merges with Sandia Area Credit Union Sept 30 2014 

Dear Permaculture Credit Union members and Permaculture Community 

The Permaculture Credit Union (PCU) will cease to exist in its present form 
and charter, effective September 30, 2014.  

With the ongoing rippling effect of the 2008 financial crash on the Credit 
Union system as a whole, and specifically the effect of two loans that 
required foreclosing by the PCU, resulting in a negative effect on our 
capital ratio, last year the PCU Board began to explore the idea of a merger 
with a larger Credit Union, ultimately making a decision to join the Sandia 
Area Credit Union www.sandia.org, who felt a merger would be positive for 
their institution as well.  

The Permaculture Credit Union was a beautiful vision created by many 
committed individuals over 14 years, and although the merger has many 
positive benefits, we acknowledge there will be some grief felt initially, as 
someone who has been a part of the PCU Board almost from the beginning, admit 
I myself feel.  

The PCU was started in 2000 to bring Permaculture principles and ethics to 
the financial banking and credit union systems, and influence,  maybe even 
transform, how money is used in the economy.  This was a very big vision!  
And in many ways, in our small but profound way, the PCU did have some 
amazing influence, with policies we helped create for things like our 
sustainable loan discount program.  But we are too small to continue and 
thrive in todays economy, it is almost miraculous we survived as long as we 
did.

I would personally like to thank the PCU Board for working tirelessly through 
this most difficult time of transition.  And would like us all to honor the 
original founders, the past board members, past and present supervisory 
committee; donors, staff and volunteers who kept the door open for years.  
Special thanks to our present staff, Michelle and Eileen, for helping with 
the transition; and our two CEO's, both who charted unknown territories with 
the unique PCU vision, past CEO, Don Sarich, and current CEO, Bill Sommers.  

Blessings and Gratitude to all  -

Sincerely, 

Wes Roe
PCU Board Chair

LETTER from Permaculture Credit Union & Sandia Area Credit Union - To our 
members, sent Sept 10, 2014:

IMPORTANT INFORMATION from the Permaculture Credit Union Board of Directors, 
Board Chairman, and President.

TO OUR MEMBERS AND PERMACULTURE COMMUNITY


Permaculture Credit Union was started in 2000 and we are proud of the work we 
have done. Since the 2008 financial crash it has become increasingly 
difficult for our small credit union to function. We have been operating for 
many years with limited resources and have been unable to raise our capital 
to levels necessary to deliver the financial experience we envisioned and you 
deserve. This financial hardship made us realize we would not be able to 
continue.  As the PCU Board, we have the fiduciary responsibility to serve 
our members. Please read carefully the following message below. 

 

For over a year, the Permaculture Credit Union Board of Directors had been 
proactively searching for a merger candidate, a decision that was not taken 
lightly. In late spring of this year, we selected a credit union partner who 
delivers solid value to their communities. 

 
The merger has been approved by state and federal credit union regulatory 
agencies and will be complete on October 1, 2014. Our Santa Fe branch will 
open that day as Sandia Area Federal Credit Union. This will instantly 
provide you access to a wide array of innovative loans, checking accounts, 
mortgages, certificates, online and mobile services, IRAs, investment 
services, and more which we have long hoped to deliver.  

 

Sandia Area has consistently been awarded five stars from Callahan & 
Associates, a third-party industry analytics firm, for the value they provide 
members. Member deposits will continue to be federally insured by NCUA.    

 

Your accounts, including share accounts, loans, and credit cards, will be 
transferred to Sandia Area. Sandia Area will assume all loans at the same 
rate, term and payment you currently enjoy. Share certificates will transfer 
at their current rates until scheduled maturity, at which time they will 
renew into Sandia Area certificates which currently offer significantly 
higher yields. The vast majority of Share accounts will also transfer to 
higher yielding accounts. 

 

During the next few weeks, you will receive more details from Sandia Area 
regarding this merger. When you receive this information, please review the 
materials and let us know if you have any questions. Meanwhile, visit 
www.sandia.org for a preview of Sandia Area’s products and services. 

 

We are confident that Sandia Area can help you and your family achieve your 
financial goals by offering the services you need in the most cost effective 
manner possible. If you have any questions, you can reach me at 505-954-3479, 
or toll-free at 866-954-3479.   

 

Sincerely, 

William G. Sommers
President 

Permaculture Credit Union 

 and 

Wesley Roe
PCU Board Chairperson 

PCU Board of Direstors:
Wesley Roe Board Chair
Dave Jaber Secretary
Brendan Miller Treasurer
Esther Park Board Member
Emile Sawyer Board Member 

Supervisory Chair Marjorie Lakin Erickson 

PCU Staff
Board CEO Bill Sommers 
Michele Lowrie
Eileen Banashek