GRAND BLANC, Mich.-The $1.5-billion ELGA Credit Union $104-million COPOCO Community CU, based in Bay City, Mich., have agreed to merge, the credit unions announced in a joint release.
Both credit unions were founded in 1951 to serve local Consumers Power Company employees and their families.
The combined credit union will be led by Terry Katzur, president and CEO of ELGA CU.
“Our shared heritage and commitments to our associates, members, and communities make this combination a natural fit,” Katzur said.
The merger is expected to be completed by July 2025, pending the approval of from the NCUA, the Michigan Department of Insurance and Financial Services, and COPOCO’s membership.
“We are excited to share this news with our valued members. This merger will allow our members access to expanded products and services and pay tribute to our heritage in the community. Together we envision a strong future,” said COPOCO Board Chair Meri Sue Engers.