BELLEVILLE, Mich.–Two Michigan credit unions have become the latest to announce plans to merge. The $21.5-million Unified Communities FCU, which has approximately 2,756 members, said it is seeking to merge into the $3.9-billion Genisys Credit Union in Auburn Hills, Mich., which has approximately 246,000 members.
Unified Communities FCU reported net income of $7,070 and net worth of 6.16% as of Sept. 30, while Genisys reported $59.3-million in net income and robust net worth of 15.07%.
Unified Communities has not yet filed its disclosure form with NCUA that would list the reasons for seeking to merge. In a statement announcing the combination, the credit union cited expanded access to branches, the latest in mobile and online banking technology, including remote deposit, card controls, a full-service call center, debit rewards with Genius High-Yield Checking, valuable financial guidance, and service through Genisys Investment Services.
UCFCU said its branch will remain open.
‘Timing is Right’
"The timing is right for this merger,” said Mary Carnarvon-LaHousse, president and CEO of Unified Communities FCU, in a statement. “Unified Communities has been successful and will be even more so as a result of the merger. We selected Genisys as a merger partner not only because of their strong financial condition and commitment to meeting the ever-changing needs of members but also for the strong commitment and support they give to their local communities.”
Added Jackie Buchanan, president and CEO of Genisys Credit Union, “We are excited to have the opportunity to consolidate such a strong, member-focused credit union into Genisys. We look forward to expanding the benefits available to our new members from Unified Communities. This merger is exciting and will be successful because of our shared value and the commitment both credit unions have to our members, employees, and communities."
Common Background
Unified was chartered in 1949 to serve General Motors Employees at the Willow Run plant in Ypsilanti, Mich. Genisys Credit Union has similar roots, having been originally chartered to serve General Motors Employees from the Truck and Coach plant in Pontiac, and the Tank/Metal Fab Plant in Grand Blanc.