First Community Federal Credit Union Announces Intent to Merge with E & A Credit Union
“Partnership of Strength” Would Place New Entity in the Top 200 Ranked in Size in the U.S.
PARCHMENT, Mich. – June 4, 2013 – The boards of First Community Federal Credit Union (FCFCU) and E & A Credit Union and have approved a partnership with an intent to merge agreement to combine the two organizations. First Community Federal Credit Union is based in Parchment, Mich., and serves approximately 80,000 members with 17 branches located throughout Michigan, Illinois and Wisconsin. E & A Credit Union, headquartered in Port Huron, Mich., has served the region for more than 75 years and serves approximately 35,000 members with 4 branches. The announcement was made by Cheryl DeBoer, President & CEO, First Community Federal Credit Union.
Once complete, this partnership of choice will provide an exceptional platform for continued growth and opportunity, while at the same time further strengthening a shared commitment to community, access to affordable financial services, and a passionate interest in helping improve the lives of its members. Subject to member and regulatory approval, the intended merger—expected to be completed sometime later in 2013—will result in a credit union ranked in the top three percent in the nation, based on size, with more than 100,000 members and assets of nearly $1 billion. The new entity will have more than 375 employees and operate with a total of 21 branches in Michigan, Illinois and Wisconsin.
“This partnership will allow our credit union to compete with even greater success in the financial services industry, continue to attract new members, offer enhanced services to members, and provide employees opportunities for career growth,” DeBoer said. “The collaboration will provide the capital and human resources, expertise and product range of a much larger organization, while enhancing our outstanding credit union model as a State chartered not-for-profit financial institution.”
The new entity will operate under a new name, which will be announced at a later date and the headquarters will remain in Parchment. Current FCFCU President & CEO Cheryl DeBoer will assume this same role for the new entity and E & A President & CEO Janice Rose will become Chief Community Relationship Officer.
There are no anticipated layoffs or reduction in staff as a result of this partnership. All employees of both credit unions are expected to retain existing or similar positions, along with additional opportunities for advancement. Members will experience minimal changes to their account and no branch offices are scheduled to close.
“This partnership is outstanding news for the community with respect to local employment, investment and community service,” added DeBoer. “Giving back to the community will continue to be an essential part of our philosophy and mission. Additionally, there will be a continued emphasis on making loans that strengthen the community, including business and consumer loans.”
About First Community Federal Credit Union
First Community Federal Credit Union (FCFCU) currently serves approximately 80,000 members with assets exceeding $700 million. Celebrating its 75th anniversary in 2013, FCFCU operates 17 regional branch offices in Michigan, Illinois and Wisconsin. For more information, please visit www.1stcomm.org