JACKSON, Mich. –Two Michigan credit unions have announced their intention to merge.
The $700-million TRUE Community Credit Union in Jackson, Mich. and the $175-million Parkside Credit Union in Westland, Mich., said they are seeking to combine to “produce a stronger, more comprehensive financial institution that will offer additional services, increased convenience, and ongoing support to members.”
The credit unions said the merger will provide “enhanced technology” and an “expanded branch network.”
“We are so excited to join forces with Parkside Credit Union as we embark on this transformative journey,” said Chrissy Siders, president and CEO of TRUE Community Credit Union. “Together, we embrace a shared vision, combining our strengths and resources to create an unparalleled financial experience that will stand as a testament to our unwavering commitment to our members, our communities, and our teams.”
‘Brighter Future’
Added Janet Thompson, president and CEO of Parkside Credit Union, “Our partnership with TRUE Community Credit Union will build a brighter future for both our members and our employees. The alignment of our strategies and cultures as well as a shared vision makes this an ideal collaboration, and we are excited to write the next chapter in our combined credit union’s legacy together.”
TRUE Community CU has 12 branches, Parkside CU has three. The credit unions said the TRUE Community will be the surviving brand and that pending member and regulatory approval plans call for completion of the merger on Jan. 1, 2024.
The Numbers
TRUE Community has 66,000 members and reported $1.254 million in net income and capital of 10.8% as of March 31. Parkside has 13,611 members and reported $464,725 in net income and capital of 13.13% as of June 30.