The $115 million United Financial Credit Union of Bridgeport, Mich. is merging the $34 million Consumers Choice CU of nearby Saginaw on Jan. 1.
The merger is the culmination of years of discussions between the two CUs, said Jessica Gwizdala, director-marketing/training at United Financial.
"Consumers Choice has an older membership of many savers and fewer borrowers and so its management felt it was not big enough to continue on its own and needed to find a partner with a broader array of services," she said.
The 4,200 members of Consumers Choice approved the merger plan Dec. 2 with a 75% favorable vote. Consumers Choice, organized to serve a Michigan energy firm, has one office.
The combined entity will serve 20,000 with a total of six branches in Saginaw and Bay counties. Consumers Choice has 12.25% net worth though it lost $96,000 in 2009 and $74,000 through the first three quarters of 2010.
The president/CEO of the merged CU will be David Cibulka, president/CEO of United Financial. Jeanne O'Connor, president/CEO of Consumers Choice, will be retiring in January but will serve as a consultant during the transition, a CU statement said.