LANSING, Mich.–Two Michigan credit unions have announced plans to merge.
The $198-million Astera Credit Union in Lansing and the $448.1-million Adventure CU in Grand Rapids said they are seeking to combine.
Astera Credit Union, which has 14.762 members, posted a loss of $269,319 and net worth of 8.67% through March 31. Adventure CU had $215,491 in net income and capital of 13.83% as of the same date. Adventure CU would be the surviving brand if the merger is approved.
"We are working collaboratively to pool our resources, the foundation of credit union existence," Martin Carter, president/CEO of Astera, said in a statement. "We are positioning ourselves to offer even greater value to our members through expanded services and enhanced financial stability.”
The credit unions are targeting year-end 2024 to complete the merger. When combined, the two CUs would have more than 46,000 members and 11 branches in Michigan.
‘More Robust Products’
"Together, we will be able to offer even more robust products and services, while maintaining the exceptional member service and community focus that our members have come to expect,” Amanda Garabedian, Adventure’s president/CEO, added in a statement.
Astera CU was founded in 1949 by UAW Local 602 members as Lansing Fisher FCU. Adventure Credit Union was chartered in 1936.
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