Berrien Teachers' Merging Otsego Paperworkers
Pending regulatory approval, the $276 million Berrien Teachers' Credit Union of St. Joseph, Mich. and the $2 million Otsego Paperworkers CU also in Michigan will merge in late April or May.
The membership and board of the single SEG Otsego CU voted to approve the merger March 30.
"We are excited that the members of Otsego Paperworkers voted in support of the merger," said Berrien Teachers' CU CEO Scott McFarland. "We anticipate a smooth transition and look forward to serving our new Otsego members and the surrounding community."
McFarland said the Otsego CU, located 50 miles from St. Joseph, "had interviewed several other Michigan credit unions starting last fall and chose us," said McFarland.
Like other small CUs in Michigan and elsewhere "struggling in the difficult economy," Ostego sought out a partner after finding itself unable to launch a community charter because of its financial status, said McFarland
The Otsego CU had served employees at a local paper mill, which closed some time ago.
The Berrien/Ostego merger will result in an eight-branch CU with more than 26,000 members, serving Allegan, Berrien, Cass, and Van Buren counties.