Banking

Two credit unions in Michigan to merge

Two Michigan credit unions have jointly announced their intent to merge in an effort to expand and serve the entirety of the state.

The $311 million-asset LOC Federal Credit Union in Farmington announced it is merging with MemberFocus Community Credit Union in Dearborn, which has $134 million of assets. Both organizations were founded to serve educators, and have since expanded their fields of membership.

The proposed merger awaits approval from regulators and members of LOC Credit Union.

“This merger allows LOC to retain its identity, leadership team and strategic goals while leveraging MemberFocus Community Credit Union’s state charter, financial strength and the economies of scale that can be achieved as a larger financial institution,” Michael Lasley, chairperson of the LOC Credit Union board, said in a news release. “We are excited about extending our value propositions to the MemberFocus Community Credit Union membership in the near future.”

The combined institution would have roughly $445 million of assets and be led by LOC Federal Credit Union president and CEO Stephen Grech, as well as the senior leadership team of both credit unions. Jon Elliott, the President and CEO of MemberFocus Community Credit Union, would occupy the role of senior executive vice president.

“Both credit unions are in an excellent financial condition and combining will allow us to further develop products and services for our membership,” Betty Richards, chairperson for MemberFocus Community Credit Union, said in the release. “More products, more services, increased access to locations and technology will enhance the member experience. We are very excited about this partnership with LOC Credit Union.”

The combined organization would operate five branches in the towns of Dearborn, Farmington, Howell and Hartland. The two Dearborn branches would continue operating as MemberFocus Community Credit Union, a division of LOC Credit Union.

Along with the merger, MemberFocus Community Credit Union will seek a statewide field of membership through the Michigan Department of Insurance and Financial Services.



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