On June 17, 2009, The Providence Association (“Providence”) and The Ukrainian Fraternal Association (“UFA”) signed a historic merger agreement that results in a fraternal benefit and life insurance society composed of nearly 19,000 members, over $50 million of life insurance in force and assets of over $21 million. The governing bodies of both entities mutually concluded that combining the two societies into a common effort will help: to provide greater financial security to all of the members, especially in these turbulent economic times; to preserve the societies’ and their members’ common cultural and ethnic heritage; and to foster and to promote their fraternal missions within the Ukrainian-American community at large.
The UFA’s members and the chapters (“branches”) into which they have traditionally organized themselves will now participate and be a significant part of Providence’s strategic growth and marketing plans. They will also be able to take advantage of a more diverse portfolio of insurance products, including annuity savings certificates, IRA annuities, higher available policy limits and a premium structure tailored to the 2001 CSO mortality table.
Equally important to both societies were the benefits of streamlined operations and a growth in the number of active lodges, fraternal officers, and professional and fraternal agents and counselors. The integration of the societies’ newspaper and other periodical operations will enhance overall circulation and more efficiently disseminate news that is important to the Ukrainian American community.
Although the surviving charter, by-laws and governing bodies will be Providence’s, it is important to note that the merger agreement, at the grass roots level, will preserve UFA’s active branches and branch sales and other branch officers and branch representatives. The integration will lead to greater growth, strength and stability at all levels.
The Providence Association will assume all of the UFA’s life insurance certificates (“policies”) and will honor and preserve all of the obligations and responsibilities to the UFA membership. Providence will also honor all current “Narodna Volya” subscriptions with issues of the “America” newspaper. The certificate (policy) obligations will be reserved and guaranteed with the entire claims paying ability of the merged entity. The Merger will have no effect whatsoever on Providence life insurance or annuity certificates (policies).
The Merger Agreement also creates a five member Advisory Council to Providence’s governing body known as a General Assembly. The UFA has already appointed these five people. Providence has also committed to a celebration of the UFA’s 100th Anniversary in the year 2010, even as it prepares to celebrate its own centennial in the year 2012.
The full text of the Agreement of Merger appears on pages x-y. It is also available on-line on Providence’s website: www.provassn.com. You are welcome to submit written comments and questions to Providence by email (info@provassn.com), fax (215) 238-1933, or regular mail: the Providence Association, 817 North Franklin Street, Philadelphia, PA 19123.
The Providence Association heartily welcomes all UFA members into a fraternal society with its membership and promises to offer all of them prompt efficient and effective service. In due course, Providence representatives will begin a tour of visits to as many UFA branches and their officers as is practicable.
Also, during the course of the next 60 days, you will see additional articles addressing this merger, as well as a joint statement between Providence and the UFA.