To All Members of Multi Media Federal C

redit Union:

The Board of Directors of Multi Media Federal Credit Union has voted to expand operations to provide services to Darden Restaurants, Inc., the only Fortune 500 company headquartered in Central Florida.  This event dramatically expands the credit union’s field of membership to include anyone who is employed by Darden Restaurants, Inc. and members of their families.

This action allows the Credit Union to initially extend services to the 1,400 Darden employees in the Orlando market and eventually to all 180,000 Darden employees nationwide through the use of online services.   

MMFCU is a not for profit organization originally chartered in 1968 to serve the employees of Sentinel Communications Company and its affiliates.  It presently serves 1,400 members with $10 million in assets.  The credit union provides financial services to our members including savings accounts for the entire family, free checking accounts, online banking, certificates of deposit, IRAs, bill paying, personal and secured loans and a variety of financial services.

The current location at 614 Virginia Drive will remain the operational headquarters with the present staff providing services to the membership.   Eventually, a branch will be established at Darden’s new corporate campus at 1000 Darden Center Drive in south Orlando.

The official date of expansion will be December 16, 2009.   As a part of the expansion the Credit Union will be renamed Darden Employees Federal Credit Union; however, the Virginia Drive location will continue to operate as Multi Media Credit Union Services, a division of Darden Employees Federal Credit Union.

The expansion affords the opportunity for the credit union to grow and continue the service and technology innovation that has kept it at the forefront of member satisfaction while increasing the financial strength of the operation.  For Darden, extension of credit union services to employees will create an important benefit to its employees nationwide through lower cost financial services and financial education provided by the credit union.

Addendum

Multi Media Federal Credit Union Services and Darden Employees Federal Credit Union operational expansion Q & A.

The following are answers to questions you may have about this event.  We realize this may not address all your questions, so please contact Deby Seymour by phone or email for additional information.


What has occurred?
Multi Media Federal Credit Union (MMFCU) has expanded its field of membership to include the employees of Darden Restaurants, Inc.  This is a significant moment in the history of both organizations. The  enlarged organization will benefit all involved by ultimately providing the efficiencies that can be realized by serving a larger membership base.  This will ensure that all members can continue to experience low loan rates, competitive deposit rates and a high number of free and low-cost services.

Why has this occurred?
Because of declining financial conditions within our core field of membership, the Board of Directors of MMFCU approved the expansion of membership to include the employees of Darden Restaurants, Inc. on Wednesday, November 19, along with the necessary supporting actions to be completed with the NCUA to accomplish the approval of the expansion.

The expansion will strengthen our presence in Florida and position us to grow and expand to serve all Darden employees with online banking services, which will improve the returns to all of our member/owners. It also will ensure a continued return to members in the form of competitive deposit rates, low loan rates, and more free and low-cost services.

Access to greater operating resources will assist the credit union in continued development of highly efficient, centralized lending and account opening processes that will provide faster, more convenient service, expanded product offerings and expanded access to these products for members.

What will be the name of the credit union?
Darden Employees Federal Credit Union.  However, at the present Virginia Drive location, the credit union will operate as Multi Media Credit Union Services, a division of Darden Employees Federal Credit Union.

Does this mean the Darden Restaurants, Inc. will own the credit union?
No.  Credit unions are always owned by the members.  Sentinel Communications Company never owned the credit union and neither will Darden Restaurants, Inc.   

Who is managing the organization?
Deby Seymour remains the Branch CEO/President of the Multi Media Credit Union Services location.  Eventually, an expanded senior management staff will oversee the day-to-day operations and service to members. The Board of Directors will immediately be expanded from 9 members to 15 with 6 retained by the present board and 9 new members who will be Darden employees.  As before, open board member positions will then be filled by election by member/owners of the credit union at the annual meeting.

Will there be changes to the present services provided?
In the future, additional products, services, and benefits may be made available to you, but no changes are currently being made to services.  We will continue to offer our usual array of products. Interest rates will always be based on current economic conditions, outside interest rates, competitive environment, and the amount of profit we can generate to return to or support improvements for our members. The expansion to include the Darden employees into the credit union does not change any terms, conditions, or agreements you presently have with MMFCU for such things as loans, or deposit accounts.

Will there be additional branches in the future?
One additional physical branch location is planned to provide an on-site presence for Darden employees at its corporate headquarters at the new campus on Darden Center Drive in south Orlando.  
Does this mean Darden employees can use the Virginia Drive office?
Yes.

How do I contact the credit union?
Contact remains the same for the Virginia Drive office.

How do I know this expansion will not result in the termination of the credit union?
One of the very reasons for this action is to insulate the credit union from a concentration of risk by expanding and diversifying the field of membership we serve. The potential service area for the expanded credit union includes great local potential and a wide variety of national sectors, which protects this cooperative from the impact of a weakness or downturn in any particular regional area of the economy.  The Board’s commitment to the existing members is a fundamental reason this action was taken.  MMFCU has experienced adverse operating results that parallel those of the newspaper industry which employs many of our members.  To ensure the very existence of the credit union, it is essential that the potential for membership expansion and active sponsorship be secured.   This expansion provides opportunity for both.

What can I expect in the coming weeks and months?
Initially, the expansion will have little to no impact on the current operations.  You will continue to receive the same level of fast, convenient service, and your products will remain the same.  Behind the scenes, we will be working to expand and enhance our systems and processes in order to provide more efficient service to members of the enlarged organization.

Should I be on the lookout for anything?
Yes. Unfortunately, the announcement of the expansion is sure to bring out criminals who attempt to steal your personal and financial information.  Be on the lookout for emails or text messages requesting that existing members update your personal and/or account information online.  Darden Employees could also be solicited by these same criminals requesting this personal information in order to join the credit union. Neither Multi Media Credit Union Services, Darden Employees Federal Credit Union nor The Darden Corporate offices will ever contact you via email, text message, or telephone asking for personal information such as complete social security numbers, account numbers, date of birth, etc. If you receive an email requesting you to update your personal and/or financial information, please forward it to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Will fees change as a result of this event?
No. The credit union continues to have money to lend, and we will continue to offer our existing selection of products and services to meet your financial needs. As is usual in any business, you may see some products introduced, changed, or discontinued over time as market conditions and member needs change. Please be assured that any and all changes will be communicated to members well in advance, and credit union staff will be able to assist you should you have any questions or concerns.

How long will this process continue?
This integration process will take approximately one year to complete.
Will new employees of Sentinel Communications Company, RBMA, The Free Range Group and the Florida Catholic still be able to join the credit union?

Yes.  Any current or new employees of these select employee groups and their families will still be eligible to join.  Our service and commitment to these members will not change and should only increase in the future as we are able to add new and improved services.

Is there anything I can do as a member to contribute to the continued strength of the credit union?
Yes, and it’s very simple: Use the products and services the credit union offers. The greater the participation is in this credit union, the greater is the return that can be provided to you, our member/owners. Loans generate interest income, and checking accounts generate transaction income, both of which help pay the operational costs of the credit union. This helps ensure that you get a greater value for your membership in the form of higher interest rates on deposit accounts, lower rates on loans, and more free or low-cost services.

As a member, you own this financial cooperative. Why would you pay more to do business at another financial institution that sees you as a customer instead of a member/owner? If you have your checking account or vehicle loan at another financial institution, all you have to do is pick up the phone or visit our office to move your business to us – and we will make the switch as painless as possible!

Another contribution to the strength of the credit union is, of course, to pay loans on time, according to the terms of your loan agreement. If an economic challenge is currently making this difficult, it is important to be pro-active in contacting the credit union to discuss your situation.


Once again, if you have any questions or concerns you may direct them to Deby Seymour at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .