GRAND RAPIDS, Minn.–Two Minnesota credit unions have announced they will merge effective today. The $23-million Lakes Area Credit Union said its members have voted in favor of merging merge into the $651-million Members Cooperative Credit Union in Cloquet, Minn. NCUA has given the combination its approval. The combined CU will have 49,000 members.
“Merging with MCCU allows us to continue to serve our members with the great service Lakes Area Federal Credit Union has been known for,” said Matt Rajala, board officer with LAFCU, in a statement. “We’re excited to carry on the credit union mission, while offering great new benefits to our members.”
“We are happy to welcome Lakes Area Federal Credit Union members to MCCU,” said Tammy Heikkinen, president and CEO of Members Cooperative Credit Union, in a statement. “We appreciate LAFCU’s legacy in the Grand Rapids area and look forward to continuing their commitment to member service, while providing even more value and opportunity to our members and employees.”