The Board of Directors of St. Anthony of New Bedford Credit Union (St. Anthony Credit Union) has called a special meeting of all Members at St. Anthony of Padua Church, NYE Street Entrance, located at 1359 Acushnet Avenue New Bedford, MA 02746 on February 26^th at 6pm.

The purpose of this meeting is:

1. To consider and act upon a plan and proposal for merging Anthony Credit Union with and into SouthCoast Federal Credit Union (SouthCoast Credit Union) whereby all assets and liabilities of St. Anthony will be merged with and into SouthCoast Credit Union. All members of St. Anthony Credit Union will become members of SouthCoast Credit Union and will be entitled to and will receive shares in SouthCoast Credit Union for the shares they own in St. Anthony Credit Union on the effective date of the Merger.

2. To ratify, confirm and approve the action of the Board of Directors in authorizing the officers of St. Anthony Credit Union, subject to the approval of members, to do all things and to execute all agreements, documents, and other papers necessary to carry out the proposed merger.

The Board of Directors of St. Anthony Credit Union encourages you to attend the meeting and vote on the proposed merger.  Whether or not you expect to attend the meeting, we urge you to sign, date and promptly return the enclosed mail ballot to vote on the proposed Merger.  You may also cast your vote electronically or in person at the meeting.

If you wish to submit comments about the Merger to share with other members, you may submit them to the National Credit Union Administration (NCUA) at ncua.gov/support-services/credit-union-resources-expansion/resources/comments-proposed-credit-union-mergers or mail to:

NCUA,Credit Union Resources and Expansion

1775 Duke Street

Alexandria, VA  22314

RE: Member-to-Member Communication for merging St. Anthony Credit Union with and into SouthCoast Credit Union

The NCUA will post comments received from members on its website, along with member’s name, subject to the limitations and requirements of its regulations.

Other Information Related to the Proposed Merger:

The Board of Directors has carefully evaluated and analyzed the assets and liabilities of the Credit Unions and the value of shares in both Credit Unions.  The financial statements of both Credit Unions, as well as the projected combined financial statements of the Continuing Credit Union, follow as separate documents.  In addition, the following information applies to the proposed Merger.

Reasons for Merger:

St. Anthony of New Bedford Federal Credit Union (St. Anthony FCU) currently serves members of the St. Anthony of Padua Church. Despite a recent increase in members, St. Anthony FCU’s financial position has continued to degrade. Following an assessment of financial projections and loan attrition, the Board of Directors of St. Anthony FCU made the decision to merge with a partner who could provide stability for its members into the future.

SouthCoast Federal Credit Union (SouthCoast FCU) works closely with members, delivering competitive rates and products with exceptional member service. Executive management and the Board of Directors believe that merging will benefit St. Anthony FCU’s membership.

Should members vote in favor of this merger, SouthCoast FCU can provide enhanced digital delivery, a broader range of products, additional branch locations, and bilingual services.

Net Worth: The net worth of a merging credit union at the time of a merger transfers to the continuing credit union. St. Anthony Credit Union does not have a higher net worth ratio that that of SouthCoast Credit Union.

Share Adjustment: St. Anthony Credit Union will not make any share adjustments or net worth distribution. The share values of both credit unions are equal.

Locations of Merging and Continuing Credit Union

The following branch locations will be available to members following the merger:

Changes to Services and Member Benefits

Members will have immediate access to all products and services offered by SouthCoast Credit Union. Should the merger be complete, member’s deposits will be federally insured up to the NCUA limit of $250,000. Additional state insurance will increase coverage of shares to an unlimited amount.

Merger-Related Financial Arrangements

NCUA Regulations require merging credit unions to disclose certain increases in compensation that any of the merging credit union’s officials. There are no merger-related financial arrangements to report.

Merger Approval and Ballot

The proposed merger must have the approval of the majority of members who vote.

Enclosed with this Notice of Special Meeting is the Ballot for Merger Proposal.  Please complete the Ballot and return it to:

To be counted, your ballot must be received by February 26th. Mail Ballots received after this date and time will not be counted. You may also cast your vote in person at the meeting.