GRAND RAPIDS, Mich.–Two Michigan credit unions announced they are combining, as part of what they said is the “largest merger in credit union history.”
Lake Michigan Credit Union here and United FCU in St. Joseph, Mich. said that when their merger is complete they would be a $6-billion institution with approximately 500,000 members, 1,400 employees and 78 locations across seven states. The merger is expected to close by the end of 2015.
"Our similar cultures and complementary geographies and service strengths make this combination a natural fit," said Sandy Jelinski, president/CEO of Lake Michigan CU, in a statement. "Both of our organizations are dedicated to delivering the very best to our members, and we are proud to continue our support of important events in our communities.”
Jelinski will be president/CEO of the merged institution.
The credit unions said the merger would not result in any branch closings or layoffs. Both credit unions has little overlap with the exception of two offices each in the Holland area.
"We are very excited to merge with Lake Michigan Credit Union," said Gary Easterling, president and CEO of United Federal, who is retiring but who will remain active through the merger process.
The existing operating locations will retain their current name and branding, with United Federal Credit Union becoming United Credit Union when the merger is complete and both credit unions are consolidated under the LMCU state charter.
Founded in 1933, LMCU has more than 360,000 members and a staff of nearly 940, with assets exceeding $4 billion.
LMCU has a mortgage servicing portfolio of $8 billion. It also has a mortgage servicing portfolio of $8 billion. It has 37 branches, including one in Bonita Springs, Fla.
Founded in 1949, UFCU has 140,000 members with assets of almost $2 billion. UFCU employs 540 staff, with 27 branch locations in Michigan, as well as Arkansas, Indiana, North Carolina, Nevada and Ohio.