STERLING HEIGHTS, Mich.–Credit unions in Michigan and Colorado have announced separate mergers.
In Michigan, the $141.6-million Motor City Co-op Credit Union will merge into the $414-million Christian Financial Credit Union, creating a $560 million CU with 200 employees and 13 branches in metro Detroit.
The merger will be effective April 1, according to Rebekah Monroe, a spokesperson for Christian Financial. The deal has been approved by state and federal regulators as well as the boards of each credit union, the credit unions said.
Christian Financial’s Patty Campbell will remain president/CEO of the combined organization, while MCCCU CEO Steven Andrews will become chief administrative officer. No jobs will be lost in the merger, although one of Motor City Co-op's four branches, in Warren, will be closed and merged with Christian Financial's Centerline location.
The merger follows the opening of Christian Financial’s new $12-million headquarters, which opened in September 2019, as CUToday.info reported here.
Motor City Co-op was founded in Detroit in 1948.
Merger in Colorado
Separately, in Pueblo, Colo., members of the $26-million Pueblo Horizons FCU have voted in favor of merging into the $1.2-billion Premier Members Credit Union, headquartered in Boulder, Colo.
Members of Pueblo Horizons Federal Credit Union voted in favor of the merger with Premier Members Credit Union. Carlos Pacheco will serve as CEO of the combined CU.
“We’re very grateful and excited to receive this final approval from our members,” said Don Ortega, CEO of Pueblo Horizons “We look forward to the opportunity to serve our new combined membership in Pueblo, and begin offering improved rates, products and services.”
The combined CU will have more than 76,000 members and 19 branches.