May 19, 2010

Lake Michigan Credit Union and Citizens Credit Union To Merge


Lake Michigan Credit Union and Citizens Credit Union to Merge.

Grand Rapids, Michigan - Lake Michigan Credit Union, West Michigan’s largest credit union, announced today that Citizens Credit Union of Kalamazoo will merge with LMCU. The merger was approved by the Directors of both organizations and a vote of Citizens Credit Union members on May 15, 2010, and will now move forward for regulatory approval.

Citizens Credit Union has been investigating potential partnerships to strengthen their ability to serve. "It was very important to our membership to find a credit union that shared our values and goals of operational excellence." said Robert J. Goscicki, President/CEO, Citizens Credit Union. "We are very pleased with the results of our membership vote and their support of the merger. We all look forward to this partnership, and the opportunities for us to become one."

"This merger allows us to expand our footprint and services in Kalamazoo to a loyal base of Citizens members." said Sandra Jelinski, President/CEO, Lake Michigan Credit Union. "The branches will immediately be operating on our strong financial foundation when the merger is complete. We are thrilled to be able to offer our full range of financial products to our new members, including our 4% Max Checking account and our low rate mortgage guarantee."

Following the merger, Lake Michigan Credit Union will increase their branches by four, assets by $60 million, and membership base by 9,000. The combined organization will have:

$2.0 billion in assets
169,000 members
30 branch locations (21 locations in the Grand Rapids area, 5 locations in the Kalamazoo area, 1 location in Holland, 1 location in Grand Haven, 1 location in St. Joseph)

The merger proposal moves to the State of Michigan Office of Financial and Insurance Regulation and is expected to be approved this month. For more information contact, Julie Blitchok, Senior Vice President of Marketing and Retail Operations, (616) 242-9773 or via email at julie.blitchok@lmcu.org.

1 comment:

Credit Union said...

Credit unions are awesome. The main advantage that credit unions offer is the ability to provide members with superior rates for loans and savings and also charge lower and fewer fees. Because of this, I am an advocate of them.

Post a Comment