Detroit Edison Credit Union and NuUnion Credit Union announced today that they have approved an intent to merge agreement.
The merger of Detroit Edison, Plymouth, Mich., and NuUnion, Lansing, Mich., "would create great opportunities for both memberships, including improved convenience and best-in-class products and services, as well as increased operational efficiencies and greater financial strength and resources," a statement released by both credit unions said.
The statement noted that the merger will require the approval of the state regulator, the Office of Finance and Insurance Regulation, and the NCUA, the Federal Trade Commission and the U.S. Department of Justice. NuUnion Credit Union members must also approve the agreement before it can be finalized.
The name of the combined credit union will be Lake Trust Credit Union. Both boards of directors, nine members each, will be combined to form an 18-member board. NuUnion's CEO Stephan L. Winninger will be the CEO of the new organization, and Detroit Edison Credit Union's CEO William J. Thiess will be the president.
The merged credit union will have assets of $1.5 billion, making Lake Trust Credit Union the fourth largest credit union in Michigan.
