GRAND RAPIDS, Mich.–Two Michigan credit unions have announced plans to merge.
The $195.2-million Bloom Credit Union and the $257.5 million West Michigan Credit Union, both based in Grand Rapids, said they are seeking to combine. The merged credit union would employ 125 people, would serve approximately 34,000 members, and have 11 branches.
The merger is pending a vote by members of Bloom Credit Union. If approved, it is anticipated the merger’s legal effective date would be April 1, 2025, the credit unions said.
The Management Team
Bloom Credit Union CEO, Joe Heintskill, would become CEO of the new organization. William Keim, the current CEO of West Michigan Credit Union, would be president of the combined organization.
“We are truly excited to join forces with West Michigan Credit Union. It’s a partnership that we believe will benefit our members, employees, and the communities we serve,” Heintskill said in a statement.
Added Keim, “In a highly competitive financial services industry, combining our strengths would allow us to continue to enhance our products, service, and digital banking offerings.”
The merger plan calls for Bloom Credit Union to become “Bloom Credit Union, a division of West Michigan Credit Union.”
The credit unions said no employees will lose their jobs.
“In fact, it’s more likely that we will be adding new positions over time,” Heintskill said in a statement. “Our members will continue to see the same familiar faces at their neighborhood branch.”
FOM Expansion
Bloom Credit Union’s field of membership currently includes Kent, Ottawa, Muskegon and Allegan counties. With the merger, the field of membership would expand so that those who live in Barry, Benzie, Clare, Calhoun, Eaton, Grand Traverse, Ionia, Isabella, Jackson, Kalamazoo, Kalkaska, Mason and Oceana counties would be able to join, the CUs said.
Bloom CU posted $59,945 in Q1 net income, with capital of 10.01%. West Michigan CU reported $786,343 in net income, with capital at 17.83%, as of the same date.