WATERFORD, Mich.–Separate mergers have been announced in Michigan and Connecticut.
In Michigan, the $48-million Metro North FCU said its members have approved a merger into the $70-million Birmingham-Bloomfield CU. The credit unions said they expect to have their data processing systems integrated shortly. Jeff Rabanus, Metro North's CEO, will serve as executive vice president of the new entity.
Andrew Staley, president and CEO of BBCU, will be CEO of the merged institution, while Vicki Bridson, Metro North's chief financial officer, will continue as CFO of the new credit union, the credit unions said.
Following the merger, Birmingham-Bloomfield CU will serve approximately 11,500 members. The credit union will now have four offices in addition to shared branches, and has made plans to introduce new branding in 2020.
The merger will also be part of a broadened field of membership, with the combined CU OK’d by state regulators to serve "everyone who lives, works, worships, attends school or owns businesses and other legal entities.”
Nutmeg State Merger
Separately, in Connecticut, the $6.6-million Danbury Cyanamid Employees CU has completed its merger into the $49-million Cornerstone Community CU in Stamford.