Merger Information
Q. Why is Nebo Credit Union pursuing a merger with Cyprus Credit Union
A. The pending merger with Cyprus Credit Union is a strategic merger that will enable us to offer additional products and services to our members as well as an expanded branch network. Some of the new products that will be available include business products and services, a full suite of home loan products, increased deposit options for all ages, more tools in home banking, and access to a branch network from Centerville to St George, as well as over 5,000 credit union locations nationwide that participate in the shared branching network.
This pending merger will also set the credit union up with an increased ability to keep pace with technological advances ensuring our members have access to many of the latest and greatest tools. It will also help us to expand our branch network at a much faster pace, all while maintaining the personal service you have always enjoyed and the continued commitment to improving the communities we serve.
In addition to being a merger partner that could help provide additional resources for our membership, Cyprus also shares our focus on promoting financial literacy to all and our shared commitment in supporting educators, students, and the local communities where we serve.
Q. Who is Cyprus Credit Union?
A. Cyprus Credit Union is Utah’s longest serving credit union, serving members since 1928. They offer a full suite of financial products for consumers and businesses and are committed to supporting students, educators, and the communities they serve. They provide this support through employee volunteerism, providing free tools, resources, and funding to educators, empowering new generations through financial literacy, and supporting local Utah businesses. Their mission is to be the most loved financial institution in Utah by improving the future of our employees and members while benefiting the community and environment.
Q. Is Nebo needing to merge for financial reasons?
A. Nebo Credit Union continues to be very financially sound. This pending merger with Cyprus Credit Union is a strategic merger that will allow us to serve our members better by providing expanded product offerings, a larger branch network, more financial services, and a continued commitment to supporting educators and our communities.
Q. How will Nebo members benefit from this pending merger?
A. Once the pending merger is finalized, Nebo members will be able to take advantage of the increased product offerings, additional tools in home banking, and the expanded branch network. This merger will also set the credit union up with an increased ability to keep pace with technological advances ensuring our members have access to many of the latest and greatest tools. Additionally this merger will allow us to expand our branch network throughout the Nebo Credit Union footprint at a much faster pace, all while maintaining the personal service you have always enjoyed and the continued commitment to improving the communities we serve.
Q. How will this pending merger benefit the school district?
A. Both Nebo Credit Union and Cyprus Credit Union share a commitment to supporting educators and students. In addition to continuing the support you are currently receiving from Nebo Credit Union, Cyprus Credit Union offers a full suite of benefits to support educators and the classroom. This support includes:
Educator mini-grant program to support creative classroom initiatives and supplies that enhance curriculum and student’s learning.
A $1,000,000 commitment to providing high schools in Utah access to the Student Financial Literacy curriculum software free of charge.
Classroom support in the form of guest speakers, in-classroom games, educational lunch table events, mock interviews, and more.
An annual scholarship program for students attending accredited universities or trade schools.
Gamified finance programs to teach elementary aged students the fundamentals of building a budget and savings.
Sponsorship of the KSL Teacher Tribute wall that recognizes and rewards educators that go above and beyond.
A Goal Getters program to help students and parents budget, save, and plan for the expenses of extracurricular activities, clubs, and team trips.
Q. Why is the merger referred to as a pending merger?
A. The merger is currently a pending merger contingent on approval from the state and federal regulatory agencies as well as a vote by the Nebo Credit Union membership.
Q. What is the pending merger process and timeline?
A. We are actively submitting the merger plans to our regulatory agencies and are planning for a vote by the Nebo Credit Union membership in December 2025. Pending approval by the regulators and Nebo Membership, our target merger date will be January 1, 2026. After the official merger, there will be a systems merger where we will move to the Cyprus core banking system, card processor, and home banking provider. This is planned for the first quarter of 2026.
Q. When will the pending merger be official?
A. The merger is official once we have received approval from both state and national regulators and the Nebo Credit Union membership has voted in favor of the merger.
Q. Will my accounts continue to be insured?
A. Yes, all deposits will continue be insured. The NCUA insures all deposits up to $250,000.
Q. Will current Nebo Credit Union employees still work for the credit union?
A. Yes! The Nebo Credit Union employees you work with each day will continue to serve you as part of the Cyprus Credit Union team.
Q. What will happen to the Nebo Credit Union name?
A. The Nebo Name will continue. After the pending merger the Credit Union will operate as “Nebo Credit Union - a division of Cyprus Credit Union.
Q. What will happen to the current Nebo Credit Union branches?
A. The current Nebo Credit Union branches will continue to operate with the current Nebo Credit Union staff. One of the benefits of the pending merger will be an expanded branch network. Once the systems merger is complete, our members will have access to Cyprus Credit Union’s 23 branches as well as the Shared Branch network which will allow Nebo Credit Union members to access their accounts at over 5,000 credit union branches nationwide.
Q. Does this pending merger affect membership eligibility?
A. Yes, but in a positive way. Current Nebo Credit Union membership eligibility will remain the same, only now it will be combined with Cyprus Credit Union’s eligibility which will provide more options for members interested in joining the credit union.
Q. Do I need to open a new account with Cyprus Credit Union?
A. No, all existing Nebo Credit Union accounts will automatically convert to Cyprus Credit Union accounts when we complete the systems merger.
Q. Will online banking change?
A. Nothing will change before the systems merger in early 2026. After the systems merger, all Nebo Credit Union members will be moved to the Cyprus home banking system. This is when you will begin to have access to the expanded home banking services such as debit and credit card controls, credit score management, and smart budgeting tools. We will have additional information on this soon and will add updates to this question. Please know that both Credit Unions are committed to making this transition and easy and seamless as can be for our members.
Q. How does this affect my existing loans or certificate accounts?
A. The rate for your loans or certificates are guaranteed for the term of the loan or certificate. Once a loan or certificate matures, it will renew at the rates offered at time of maturity. Cyprus loan and deposit rates can be found at www.cypruscu.com.
Q. When can I start using Cyprus Credit Union branches or the shared branch network?
A. Current Nebo Credit Union members will be able to use Cyprus Credit Union branches and the shared branch network after the systems merger is completed in February 2026.
Q. I currently have automatic payments (ACH’s) set up from my Nebo account. Will I need to redo all of those?
A. If this were to be impacted by the pending merger, nothing would change until the systems merger in 2026. We will have additional information on this soon and will add updates to this question at that time. Please know that both Credit Unions are committed to making this transition easy and seamless as can be for our members.