United Federal Credit Union to merge with LMCU
Published 9:23 am Thursday, October 15, 2015
Lake Michigan Credit Union and United Federal Credit Union jointly announced Wednesday their intent to merge subject to regulatory and other approvals.
The merger of these two organizations will create one of the top credit unions in the United States, serving approximately 500,000 members.
What does this mean for UFCU members?
Charlie Spillman, director for marketing for UFCU, said it should make available to members better products, more products and more locations.
“The combined credit union is going to deliver a broader range of products and services to our members and serve a larger geographic footprint,” he said.
The combined organization will have total assets of more than $6 billion, over $8 billion in its mortgage servicing portfolio and will be a top-20 credit union in terms of both total assets and net loans. In addition, the merged organization will have a more robust offering of products and services, enhanced technology capabilities, and a significantly larger presence with 1,400 employees in 78 locations across seven states.
“Our similar cultures and complementary geographies and service strengths make this combination a natural fit,” said Sandy Jelinski, president and chief executive officer of Lake Michigan Credit Union. “Both of our organizations are dedicated to delivering the very best to our members, and we are proud to continue our support of important events in our communities. This is an exciting opportunity for the employees and members of both organizations to build the absolute best credit union in the country.”
Once merged, the combined organization does not anticipate any changes to staffing or branch offices. Senior management from both organizations will remain in place and their combined leadership will set the tone for superior service and future growth for the merged organization. Jelinski will serve as the president and chief executive officer of the merged credit union. Gary Easterling, president and CEO of UFCU, has previously announced his pending retirement, but will remain involved during the transition.
“We are very excited to merge with Lake Michigan Credit Union,” Easterling said. “Both the UFCU Board and LMCU Board were unanimous in their approval of this merger. We view this as a tremendous opportunity for our employees and our members to combine with another great organization that will significantly expand our potential for mutual future success.”
The existing operating locations will retain their current name and branding, with United Federal Credit Union becoming United Credit Union when the merger is complete and both credit unions are consolidated under the LMCU state charter.
The intent to merge has been unanimously approved by the board of directors of both credit unions and is expected to close by the end of the year, subject to customary closing conditions, including regulatory and other approvals.
About Lake Michigan Credit Union
Founded in 1933, Lake Michigan Credit Union is one of the largest financial institutions headquartered in Michigan. With a staff of nearly 940, LMCU’s assets exceed $4 billion, and LMCU has a mortgage servicing portfolio of $8 billion. With over 360,000 members, LMCU has 37 convenient branch locations – including Traverse City, Fruitport Township, Farmington Hills and Troy — and nearly 100 ATMs in west Michigan and Kalamazoo — plus dedicated mortgage offices in Saginaw, Livonia, Grand Blanc and Bonita Springs, Florida. To find out more, please visit www.lmcu.org.
About United Federal Credit Union
United Federal Credit Union (“UFCU”) has served its members since 1949 by helping them build a sound financial future. UFCU consists of approximately 140,000 members worldwide, and manages assets of almost $2 billion. UFCU employs 540 staff and maintains its corporate offices and main branch in St. Joseph, Mich., with a total of 27 branch locations, including branches in Arkansas, Indiana, Michigan, North Carolina, Nevada, and Ohio. To find out more, please visit www.unitedfcu.com.