Press
Affinity Group Credit Union Expands Again In 2012
Matt Jenkins, VP Marketing & Public Relations
mjenkins@myagcu.org
248-334-0568
Affinity Group Credit Union & St. Cletus Credit Union Announce Merger
Pontiac, MI, July 1, 2012 – The Boards of Affinity Group Credit Union, headquartered in Pontiac, MI and St. Cletus Credit Union, headquartered in Warren, MI announce the collaboration of their two organizations. At a Special Membership Meeting on June 18, 2012, the members of St. Cletus Credit Union approved the merger.
Today, credit unions are faced with a consistently changing marketplace, the challenge to remain competitive and the burden of increasing regulatory requirements. Some have been unable to find a solution, which has resulted in a high volume of credit union mergers in recent years. Affinity Group Credit Union’s (AGCU) unique business model provides a member-focused and member-friendly alternative to the more traditional mergers.
“We live – The Power of Partnership,” said Glenda West, President & CEO, Affinity Group Credit Union. “We are so excited to welcome the staff and members of St. Cletus Credit Union to our credit union family and see this collaboration as another opportunity to build on that Partnership by creating greater operational efficiencies, enhancing the member experience, growing our branch network, and providing new opportunities for our employees.”
In a year that has already included the launch of OKE Financial, Affinity’s new virtual branch; St. Cletus Credit Union becomes the fifth credit union to partner with AGCU and the first branch in Macomb County. Together, the combined credit union will have assets of $155 million, 6 branches, and more than 21,000 members, the majority of which live in Southeast MI.
This partnership will offer more value to members by creating the best suite of financial products possible. “Partnering with Affinity Group Credit Union will allow us to provide the types of products and services offered by larger financial institutions, while maintaining the St. Cletus Credit Union legacy that’s been cultivated over the past 50 years,” said Stephen Samoranski, Manager & CEO, St. Cletus Credit Union. “Plus, the members will still receive the same personal service, at the same location, by the same friendly faces they’ve become accustomed to.”
St. Cletus Credit Union will continue to serve members and the community as St. Cletus, a part of Affinity Group Credit Union. In addition, the St. Cletus Board will be represented on the AGCU Board; all St. Cletus staff will become employees of AGCU; and the Warren office will remain open to serve all current and new members in the surrounding community.
Having started in 2011 as an informal conversation between the credit unions, Carma Peters, COO, Affinity Group Credit Union said, “We are always open to begin a conversation with credit unions to determine if a partnership is in the best interest of both organizations. When we identify that there are benefits for both of us (credit unions) and the new partner is able to maintain much of their branding, it becomes a Win/Win.”
Affinity Group Credit Union is a member owned not-for-profit financial cooperative serving members of Crestwood Community, Kensington Valley Community, Municipal & Health Services, OKE Financial, St. Cletus and WySouth. With a vision of Changing Lives, One Member at a Time, AGCU serves anyone who lives, works, worships, attends school, or owns a business in Wayne, Oakland, Macomb, Monroe and Livingston Counties. Visit: www.myagcu.org for additional information.
St. Cletus Credit Union was formed on March 13, 1962. The original 11 members had a vision to provide a place the members of St. Cletus Parish could save and borrow. Since then, St. Cletus Credit Union has grown to 1,649 members and over $15 million in assets. The field of membership has expanded to include all of Wayne, Oakland, and Macomb counties.