Lake Michigan Credit Union and United Federal Credit Union media statement
ST. JOSEPH, MI (January 8, 2016) — Lake Michigan Credit Union (LMCU) and United Federal Credit Union (UFCU) have called off their proposed merger. After careful consideration, both organizations have come to the mutual conclusion that they are better served by remaining independent in order to deliver the utmost value to their members.
Separately, both Lake Michigan Credit Union and United Federal Credit Union are strong and respected brands that are widely known and both have deep roots in their respective communities. Both organizations would like to thank their respective Board of Directors for their leadership and spirit of collaboration and also thank the many employees who worked tirelessly during this process.
Lake Michigan Credit Union and United Federal Credit Union look forward to continuing to serve their many members with exceptional products and services as they also remain focused on future growth opportunities.
Quote from Sandy Jelinski – president and CEO of LMCU
“We greatly appreciate the opportunity to get to know the team at UFCU and believe our healthy partnership discussions led us to realize we each have unique attributes, members and communities that should remain distinct. We are both based in the great state of Michigan, and we look forward to continuing to share best practices between our two strong financial organizations.”
Quote from Gary Easterling – president and CEO of UFCU
“This was the case of two strong organizations coming together, and in the end we both believed our best path forward was to be independent. We gained valuable insight and have great takeaways from the process, and we look forward to continuing to put our members first as we always have.”
What caused the two organizations to call off the merger?
- Lake Michigan Credit Union (LMCU) and United Federal Credit Union (UFCU) are both very strong organizations on their own, and, after careful consideration, we mutually agreed that remaining separate at this time was the best course of action to deliver the best possible value to our respective members.
Did the proposed merger not receive the required approvals of membership or the regulators?
- The regulatory process was never completed because both LMCU and UFCU jointly decided to call off the merger.
- Together, we made the determination that it was best to remain separate and so the merger was never put to a vote.
- LMCU and UFCU are appreciative of the state and federal regulatory agencies for their hard work, prior to LMCU and UFCU jointly deciding to call off the merger for business reasons.
Would the organizations consider undertaking the merger at some point in the future?
- Both Lake Michigan Credit Union and United Federal Credit Union remain focused on growth. LMCU has two new branch offices that will be opening very early this year and has plans to open several more throughout 2016. UFCU also has plans to open a number of new branches during the year.
- Both LMCU and UFCU intend to seek the right external opportunities for growth and expansion that will provide greater value to their respective members.
About United Federal Credit Union
United Federal Credit Union has served its Members since 1949 by helping them to build a sound financial future. United consists of more than 180,000 Member/owners worldwide and manages assets in excess of $3.6 billion. Its corporate offices and main branch are in St. Joseph, Mich., with additional branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, and Ohio. Federally insured by NCUA. Equal opportunity lender. Equal housing lender. For more information visit www.unitedfcu.com