FLINT, Mich.–Two Michigan credit unions have announced plans to merge.
The $754-million Financial Plus Credit Union in Flint and the $413-million Wanigas Credit Union in Saginaw said they are seeking to combine, pending approval from members and regulators. If approved, the merged CU would serve more than 80,000 members and have 11 branch locations.
According to a statement from the credit unions, Financial Plus CEO Brad Bergmooser would lead the combined credit union with help from senior leadership teams from both entities. No layoffs are planned, the credit unions said.
Financial Plus was chartered in 1952 as Chevy-Flint Credit Union to serve employees working at Chevrolet Motor Co. plants in Flint. Wanigas began operating in 1952 as Saginaw Gun Plant Employees Federal Credit Union by a group of employees at Saginaw Division Plant 2.
At Q1, Financial Plus reported net income of $1.55million and a net worth ratio of 10.7%. Wanigas reported net income of $1.015 million and net worth of 13.05%.