FARMINGTON, Mich.–Two Michigan credit unions have announced plans to merge.
The $310-million LOC FCU, which has approximately 25,000 members, is seeking to merge with the $133-million MemberFocus Community CU, which has approximately 8,100 members and is based in Dearborn, Mich.
The merger still requires regulatory approval.
If completed, plans call for MemberFocus Community CU to retain its name and branding and to operate as a division of LOC Credit Union.The combined CU would be led by current LOC President and CEO Stephen Grech, while MemberFocus President and CEO Jon Elliott would become senior executive vice president, according to a statement released by the CUs.
Statewide FOM Sought
As part of the merger process, MemberFocus plans to seek a statewide field-of-membership through the Michigan Department of Insurance and Financial Services. Its current FOM is limited to those living, working, worshiping or attending school in western Wayne County, Mich.
At mid-year, LOC Credit Union reported $930,000 in net income, with capital of 8.36%. MemberFocus reported $190,981 in net income, with capital of 9.57%.