Lake Michigan Credit Union and United Federal Credit Union to merge
Largest merger in credit union history
GRAND RAPIDS, MI (October 14, 2015) — Lake Michigan Credit Union and United Federal Credit Union jointly announced today their intent to merge subject to regulatory and other approvals. The merger of these two organizations will create one of the top credit unions in the United States, serving approximately 500,000 members and providing superior financial value, products, and services.
The combined organization will have total assets of more than $6 billion, over $8 billion in its mortgage servicing portfolio and will be a top-20 credit union in terms of both total assets and net loans. In addition, the merged organization will have a more robust offering of products and services, enhanced technology capabilities, and a significantly larger presence with 1,400 employees in 78 locations across seven states.
“I am extremely pleased to announce the merger of these two highly regarded credit unions,” said Sandy Jelinski, president and chief executive officer of Lake Michigan Credit Union. “Our similar cultures and complementary geographies and service strengths make this combination a natural fit. Both of our organizations are dedicated to delivering the very best to our members, and we are proud to continue our support of important events in our communities. This is an exciting opportunity for the employees and members of both organizations to build the absolute best credit union in the country.”
Gary Easterling, president and chief executive officer of United Federal Credit Union, added, “We are very excited to merge with Lake Michigan Credit Union. Both the UFCU Board and LMCU Board were unanimous in their approval of this merger. We view this as a tremendous opportunity for our employees and our members to combine with another great organization that will significantly expand our potential for mutual future success.”
Once merged, the combined organization does not anticipate any changes to staffing or branch offices. Senior management from both organizations will remain in place and their combined leadership will set the tone for superior service and future growth for the merged organization. Sandy Jelinski will serve as the president and chief executive officer of the merged credit union. Gary Easterling, has previously announced his pending retirement, but will remain involved during the transition. The existing operating locations will retain their current name and branding, with United Federal Credit Union becoming United Credit Union when the merger is complete and both credit unions are consolidated under the LMCU state charter.
About Lake Michigan Credit Union
Lake Michigan Credit Union (LMCU) is the largest credit union in Michigan. Employing a staff of over 1,550 and serving over 520,000 members, LMCU's assets exceed $11.5 billion, with a mortgage servicing portfolio of over $13 billion. LMCU has 65 convenient branch locations overall, including 19 in southwest Florida. LMCU members have access to over 55,000 Allpoint ATMs worldwide. LMCU provides a full range of financial services, from high interest-bearing checking accounts to personal loans, mortgages, investments, and commercial banking.
To find out more, visit LMCU.org.
About United Federal Credit Union
United Federal Credit Union (“UFCU”) has served its members since 1949 by helping them build a sound financial future. UFCU consists of approximately 140,000 members worldwide, and manages assets of almost $2 billion. UFCU employs 540 staff and maintains its corporate offices and main branch in St. Joseph, Mich., with a total of 27 branch locations, including branches in Arkansas, Indiana, Michigan, North Carolina, Nevada, and Ohio. To find out more, please visitwww.unitedfcu.com.
