EAST LANSING, Mich. — Two Michigan credit unions have announced plans to combine.
The $7.6-billion MSU Federal Credit Union (MSUFCU) said it has entered into a merger agreement with the $32.1-million Gabriels Community Credit Union (GCCU) in Lansing.
The merger is pending regulatory approval from the Michigan Department of Insurance and Financial Services and NCUA, as well as a vote by members of Gabriels Community.
Gabriels Community CU posted a $288,692 loss at Sept. 30, with net worth of 10.77%.
MSUFCU said the merger will allow it to expand into a new geographic region, Jackson County, Mich., where it has more than 5,000 members and 10,000-plus members within 30 miles of the branch.
More ‘Comprehensive’ Solutions
“This merger represents a partnership of being able to continue to provide accessible financial products and services to GCCU members,” said MSUFCU President/CEO April Clobes. “At MSUFCU, we are committed to helping members achieve financial security, and this merger will empower us to provide even more comprehensive financial solutions to GCCU and MSUFCU members, including a much-requested branch location in Jackson, Mich.”
MSUFCU, which has more than 350,000 members, said the merger will also provide GCCU’s 2,700 members with an expanded range of financial offerings, including digital banking solutions, as well as more branches.
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