Farmington, MI (May 15, 2026) |
The Board of Directors for both LOC Credit Union headquartered in Farmington, and Advantage One Credit Union headquartered in Brownstown Township have announced their intent to merge, pending a favorable vote by Advantage One Credit Union members. The decision to pursue a merger was unanimously approved by each Credit Union’s Board of Directors in late 2025 after months of conversation.
The combined credit union would:
- Exceed $750 million in assets.
- Serve more than 47,000 member accounts.
- Retain the Advantage One Credit Union name.
- Continue to serve the entire state of Michigan.
- Maintain headquarters in Farmington.
- Operate nine branch locations: two in Dearborn, one in Brighton, one in Brownstown, one in Farmington, one in Howell, one in Hartland, one in Southgate and one in Taylor.
- Be led by current LOC Credit Union President and CEO Stephen Grech who will continue as CEO until his anticipated retirement date. Advantage One Credit Union President and CEO Chris Corkery will serve as President of the combined organization. The senior leadership teams of both credit unions will continue to service the combined organization.
- Provide expanded career opportunities to employees of both organizations with no job reductions resulting from the merger.
“This merger allows us to deliver products and services in a more efficient manner while enhancing the overall experience for our members through an expanded retail banking footprint,” said LOC Credit Union Board Chairperson Paul Renko. “Both credit unions are on the same core processing and digital banking systems, which will lead to a more seamless integration and provides opportunities to achieve economies of scale while also leveraging our state-wide field of membership.”
Advantage One Credit Union Chairman Richard Lindemann shared, “While both credit unions are financially strong and considered well-capitalized, our industry continues to demonstrate a need for fast-paced growth in technology. We also recognize that as technology evolves, so do the expectations that our members have of us. We believe LOC Credit Union shares similar beliefs and strategy as ours to help us remain competitive.”
A vote by Advantage One Credit Union members is expected to occur sometime this summer. A system and brand integration are anticipated for May 2027.