CHARLEVOIX, MI / TRAVERSE CITY, MI – The volunteer Boards of Directors of Members Credit Union of Traverse City and Bay Winds Federal Credit Union of Charlevoix today announced their intent to partner, creating one of the strongest member-owned financial institutions in Michigan.
“Bay Winds and Members have outstanding traditions of superior member service and financial stewardship” stated David Leusink, CEO/President of Bay Winds. “Our members-come-first attitude drives our staffs to provide high quality, personalized service that keeps our satisfaction ratings among the highest in the country.
The partnership will enhance convenience by offering 13 branch locations from Manistee to Petoskey. Combined operations will result in cost-savings; ensuring members will continue to enjoy the lower loan rates, lower service fees and higher returns on deposits they’ve come to expect from both institutions. The strength resulting from combined deposits exceeding $400 million and more than 75,000 total members will offer an incomparable level of financial safety and stability for northern Michigan families.
“Every single effort our credit unions undertake is rooted in providing exceptional value to our memberships. This proposed partnership is no different,” said Andrew Kempf, CEO/President of Members. “We will provide increased long-term value to our membership by offering more relevant financial products, user-friendly technology solutions, and additional service locations.”
After an extensive third party review of both organizations, the institutions’ boards of directors recently approved a merger agreement, allowing the proposal to proceed towards a necessary vote of the Bay Winds membership this fall. The partnership will require approval by the Bay Winds membership and consent from the Michigan Office of Financial and Insurance Regulation and National Credit Union Administration. Upon securing these necessary approvals, the partnership would begin operating in late 2014 under a new name representative of the promising future awaiting the combined membership.
“Our institutions were created to serve our members and we couldn’t do so without our excellent teams,” added Kempf. “This partnership is expected to result in cost savings, but no staff layoffs or reductions are planned. In fact, the partnership will provide our staff members with enhanced professional development channels and opportunities for specialization in areas of their interest.”
Bay Winds’ Leusink is slated to lead the new organization as its CEO, while Members’ Kempf will serve as its President. Members’ board of directors chair Michael Slater will head the new combined board and his Bay Winds counterpart, Bridget Brown-Powers, will be named vice chair.
“Our members value who we were before and who we are now. At the same time, they also expect us to anticipate and provide timely products and services to meet their families’ needs,” Leusink noted. “Our credit unions are excited about this opportunity to offer the same types of conveniences found at national financial institutions, while maintaining the same high-quality, personalized service that has made us the preferred partners of thousands of families across northern Michigan.”
More information about the proposed partnership can be found by visiting www.baywindsfcu.com/partnership or www.memberscu.com/partnership.
Members Credit Union has been a northern Michigan financial mainstay since 1954. The credit union has grown to nearly 47,000 members and possesses assets of almost $225 million. Members Credit Union has offices in Traverse City, Kalkaska, Mancelona and Manistee. For more information, visit www.memberscu.com.
Bay Winds Federal Credit Union has been serving northern Michigan residents since 1957. With a membership of almost 29,000, the credit union’s assets number over $175 million. Bay Winds Federal Credit Union has offices in Charlevoix, Petoskey, Boyne City, East Jordan, and Bellaire. For more information, visit www.baywindsfcu.com.