FARMINGTON HILLS, Mich.–Mergers have been announced in Michigan and South Florida.
In Michigan, two CUs said they are merging following a membership vote and regulatory approval. The $853-million Community Choice Credit Union said it will absorb via merger the $163-million Michigan Community Credit Union. Together the two credit unions have approximately 100,000 members.
“We are honored to be chosen as Michigan Community Credit Union’s merger partner, a move that allows us to expand products and services to its members, and provide greater access across the state of Michigan,” said Robert Bava, CEO of Community Choice Credit Union, in a statement. “And most importantly, together we can not only enhance service and access, but also honor our shared value of staying deeply involved in the community. Michigan Community Credit Union is a progressive financial institution with a long history of encouraging member success through education and innovation. Our two credit unions align perfectly.”
In a statement, Michigan Community Credit Union said it was “seeking a merger partner in order to remain competitive and to ensure its members received the best products and services available.”
“Community Choice is leading the way to a new credit union era of convenient service and technology, yet they are still rooted in the close relationships and education that Michigan Community Credit Union deeply values,” said Vic Marshall, chairman of the board at Michigan Community Credit Union, in a statement. “Community Choice’s recent decision to award Jackson-based NonProfit Network with a $3,000 Foundation grant is proof of their commitment to continuing our community involvement. We’re confident our members, and our neighbors, will greatly benefit from this partnership.”
The combined credit union will serve everyone who lives or works in the state of Michigan.
Meanwhile, in Miramar, Fla., two South Florida credit unions have announced merger plans. The $650-million Tropical Financial Credit Union and the $50-million Financial Federal Credit Union have signed a letter of intent to merge the two organizations. The merger still awaits a vote by Financial Federal members and regulatory approval. Combined, the credit union would serve more than 60,000 members.
“Tropical Financial is pleased to welcome Financial Federal members,” said Richard Helber, president/CEO, in a statement. “By combining the two institutions, both memberships will benefit from higher savings rates, lower loan rates and lower service fees, which is the hallmark of our cooperative structure.”
“Financial Federal Credit Union has a long tradition of innovation and service,” said Craig Woischwill, FFCU chairman, in a statement. “By joining with Tropical Financial, we will greatly enhance our members’ access to new electronic services while maintaining high service standards.”