SAGINAW and CLARE, Mich. -- Looking to offer more products and services to members, Wanigas Federal Credit Union and Central Michigan Community Federal Credit Union have begun discussions on a possible merger.
The $232 million Wanigas FCU is a community chartered credit union covering Saginaw, Bay, Midland, Gratiot, and Tuscola counties and serving more than 27,000 members. The $71 million Central Michigan Community FCU is also a community chartered credit union covering Clare, Gladwin, Isabella, Osceola counties and Warren Township of Midland County and serving more than 12,000 members.
Both CUs said the partnership is a "proactive step by two financially-sound institutions to capitalize on their strengths, and position the proposed combined organization to grow and move forward for the membership."
"This recommendation is a clear testimony to the benefits a partnership will offer for both of the organizations," said Bernie Williams, CEO of Wanigas. "Wanda Rawson, CEO of Central Michigan Community Federal Credit Union, and I have felt from the outset that the combination of our institutions would offer numerous advantages for each credit union's membership. This decision by the boards to explore this possible partnership indicates that the volunteer leadership also recognizes the tremendous potential a partnership between the organizations offers to all members."
The CUs have retained D. Hilton Associates Inc. to assist in the process.