WYOMING, Mich.–Two credit unions in Michigan are proposing to merge, while in California a CU currently involved in a merger has now proposed a separate merger that will create a multi-billion operation.
In Michigan, the $15-million ATL FCU has announced plans to merge into the $1.3-billion Honor Credit Union in Berrien Springs, Mich.
In a statement, the credit unions announced the merger plan under the banner “Building a Bright Future Together.”
“This is an exciting partnership for ATL’s members, our team, and our board of directors,” said ATL’s president and CEO, Robert Shane. “Partnering with Honor will allow us to deliver services to our members in 12- to 24-months that were originally a part of our five-to-10-year plan. Our members will soon benefit from nine new shared branch locations in Greater Grand Rapids, an ATM installation at our 36th Street Branch, business lending, robust mortgage lending services that will meet the needs of our members regardless of where they are in their financial journey, and more. I’m also excited for our staff who will now have the opportunity to grow with an excellent organization, as a result of joining forces. The future is bright.”
‘Looking Forward to Opportunity’
Added Scott McFarland, Honor Credit Union CEO, “We are looking forward to the opportunity of partnering with ATLFCU and combining our rich histories of serving our members. Robert Shane and his team will provide the opportunity to expand the services of ATLFCU for their current and future members in the Wyoming and Grand Rapids market. Honor and ATL are both committed to their members and their communities. This commitment is only enhanced through our partnership.”
California Merger Planned
Meanwhile, in Bakersfield, Calif., the $2.4-billion Valley Strong Credit Union and the $635-million Financial Center Credit Union in Stockton said they are seeking to merge. Plans call for Valley Strong to be the surviving brand, with the merged CUs serving nearly 200,000 members with 27 branches throughout the San Joaquin Valley from Lodi to Tehachapi.
Valley Strong is currently also planning to merge in the $184-million Solano First Credit Union.
“The phrase ‘Growing Together,’ is a perfect adage, as this merger represents a strategic partnership between two financially healthy, future focused credit unions committed to providing unparalleled branch access, digital access, and amazing service for the Members and the communities they serve,” says Michael P. Duffy, president/CEO of Financial Center. “In a financial services sector that is constantly evolving, this merger is a true embodiment of the credit union industry’s cooperative mind-set. At its core our partnership with Valley Strong represents us selecting the best credit union partner to help us achieve our goals faster than we could duplicate on our own.
“As the CEO of Financial Center Credit Union for the past 21 years, my perspective on mergers has evolved just as much as our industry has in that same time period,” Duffy continued. “As credit unions built by select employee groups (SEGs) increasingly partner with community credit unions, I have marveled at what credit unions of today’s scale can accomplish when they join forces with their Member-owners and communities chiefly in mind.”
‘Everything Just Felt Right’
Added Nick Ambrosini, Valley Strong, EVP/CFO, and incoming CEO for the combined organization, “When I first sat down with Michael and we started to share our visions for our respective credit unions, everything just felt right,” Ambrosini says. “Our partnership is rooted in the commitment and passion we have for serving our Members. Financial Center’s passion for the industry and for the long-term growth and viability of community credit unions matches Valley Strong’s. We’re partnering for the right reasons, and when organizations do that, it’s a win-win.”
The credit unions said they would provide additional information to members as the merger moves forward.