SAULT STE. MARIE, Mich. — In a rare combination, three credit unions in Michigan are looking to combine.
The $38.3-million Chippewa County Credit Union (CCCU) and the $17.1-million Federal Employees of Chippewa County Credit Union (FECCCU), both based in Sault Ste. Marie, are seeking to merge into the $145-million U.P. State Credit Union, based in Escanaba.
In statements to their respective memberships, CCCU and FECCU both said the merger would provide expanded products and services to their members, in addition to more competitive employee benefits.
CCCU and FECCCU also said they plan to retain their leadership teams.
Chippewa County CU reported $32,947 in net income for the first quarter, with capital at 10.3%. FECCCU posted $75,786 in net income with capital at 8.77% as of the same date.
‘Bittersweet Decision’
According to the Daily Press, Chippewa County Credit Union has been managed by Connie Toensing for the past 25 years and Federal Employees of Chippewa County Credit Union has been managed by Sabrina Oshelski for the past 20 years.
“Both Toensing and Oshelski indicated the decision to merge was bittersweet,” the Daily Press reported. “After several months of planning and meeting with potential merger partners, one meeting with U.P. State Credit Union and it all made sense. U.P. State Credit Union feels like home; safe and secure. ‘It’s like when you cross the bridge heading North after being downstate for a weekend or just even a day’.”
When looking for a merger partner, both Toensing and Oshelski emphasized to the Daily Press the importance of finding a partner that “wasn’t a corporate-run institution, allowing for local decision making.”
Awaiting Regulatory Approval
Toensing and Oshelski told the media outlet they are “excited to continue their leadership roles” while working together with U.P. State Credit Union’s leadership team, Raymond Theoret, chief executive officer, and Darcy McLean, chief operating officer.
The credit unions said they are awaiting regulatory approval from Michigan’s Department of Insurance and Financial Services and NCUA. Once they have regulatory approval, a merger packet and ballot will be mailed to all members in good-standing, followed by a vote.
If completed, the merged CU would have more than 15,000 members.
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