LANSING, Mich.—Members of $192-million Astera Credit Union here have voted in favor of merging with $436-million Adventure Credit Union, based in Grand Rapids, Mich., the credit unions reported in a joint release.
The merger vote, held Oct. 29 during a special meeting, saw 93% of those casting ballots choosing to combine.
“We are excited about what the future holds for our combined membership and the credit union. This merger strengthens our ability to live out the mission and cooperative spirit that has always defined credit unions,” said Amanda Garabedian, Adventure Credit Union’s president/CEO. “Together we will continue to innovate while staying true to our roots as member-owned credit unions.”
“We are thrilled by the overwhelming support from our members,” said Martin Carter, president/CEO of Astera. “This vote demonstrates their trust in our vision for growth and service enhancements that will come as a result of this merger.”
The legal merger date is set for January 1, 2025, with operational integration continuing into late 2025. At the time of the legal merger, Astera Credit Union’s legal name will become “Astera Credit Union, a Division of Adventure Credit Union.” Both organizations will continue to serve members as usual as they ramp up efforts to fully integrate their systems, the CUs stated.
When the merger is completed, Garabedian will be president/CEO of the combined organization, and Carter will proceed with his planned retirement, the CUs said.