The LAFCU and Lansing Postal Community Credit Union (LPCCU) respective boards of directors have jointly announced their intent to merge the credit unions.
The merger has received regulatory approval and will be put to a vote of LPCCU members March 14. Information and ballots will be mailed to members late February.
“After months of research, planning and analysis, we are extremely pleased to announce Lansing Postal Community Credit Union and LAFCU are moving forward with plans to join forces in a strategic merger,” said Jason Smith, LPCCU CEO/general manager. “The result will be an even better credit union for our members.”
Pending member approval, the merger will take place on or after April 1. The combined entity will have nearly $670 million in total assets, membership of approximately 63,000, 10 branches in Ingham, Clinton, Eaton and Shiawassee counties, 25 ATMs in addition to nearly 30,000 surcharge-free ATMs in the CO-OP ATM network, and 5,000 CO-OP Shared Branches across the country.
LPCCU’s branch at 4600 Collins Road in Lansing will remain open and no jobs are expected to be lost due to the merger.
LAFCU CEO Patrick Spyke said, “This merger brings together two strong, financially sound credit unions. We are truly honored that LPCCU chose LAFCU as its partner, and we stand ready to provide members more access points and enhanced service offerings.”
The new LAFCU members will be able to take advantage of LAFCU’s full suite of mortgage products and its unique financial technology applications. These include CyberScout® fraud monitoring services, interactive teller machines (ITMs), Smart Offices with two-way communication between branches and LAFCU headquarters, and Autobooks, a billing-and-payment software program integrated with business accounts.
Smith noted consolidation of postal services from Lansing to other locations in Michigan has led to a significant decrease in the number of U.S. Postal Service employees at the Collins Road facility. As LPCCU’s main source of membership comes from the USPS, the decrease in the number of employees has had an adverse effect on LPCCU’s ability to grow.
Pending merger approval, members should experience no interruption in services during the unification. Member deposits would remain protected by the National Credit Union Share Insurance Fund, administered by National Credit Union Administration (NCUA).
NCUA and the Michigan Department of Insurance and Financial Services approved the merger.
Jason Smith
Patrick Spyke