FARMINGTON, Mich.—LOC Credit Union and Advantage One Credit Union here have announced plans to merge in a deal that would create a combined $750-million institution, pending approval by Advantage One members later this summer.
Under the proposed merger, the combined organization would retain the Advantage One Credit Union name while maintaining headquarters in Farmington. LOC Credit Union, which has approximately $480 million in assets and serves about 30,000 member accounts, would combine with Advantage One Credit Union, which has more than $260 million in assets and nearly 18,000 member accounts. The merged credit union would continue serving members statewide through nine branch locations across Michigan.
The combined institution would be led by current LOC Credit Union President and CEO Stephen Grech, who would remain CEO until his anticipated retirement, while Advantage One President and CEO Chris Corkery would become president of the merged organization. The credit unions said no job reductions are expected as part of the merger, and both leadership teams would continue serving the organization.
In a statement, LOC Credit Union Board Chair Paul Renko said the merger would allow the credit unions to deliver products and services more efficiently while expanding the retail banking footprint for members. Advantage One Chairman Richard Lindemann said both institutions are financially strong and well-capitalized, but face increasing pressure to keep pace with evolving technology and member expectations. The credit unions said system and brand integration are expected to be completed by May 2027.