Michigan CU Buys Insurance Firm
VML Insurance Agency, a firm that offers a line of personal and business insurance plans and benefit packages, has been purchased by the $2 billion Lake Michigan Credit Union.
The purchase was made through Lake Michigan Insurance Agency, a subsidiary of the credit union in Grand Rapids, Mich., it was announced Feb. 2. The amount of the sale was not disclosed. The combined agency will operate as LMIA, a subsidiary of LMCU.
"It made strategic sense to combine the talents, passion and focus on customer service which both organizations possess to help grow our collective market share," said Steve Bush, vice president of finance for LMCU. "Leveraging VML's strong insurance expertise, particularly in the business and employee benefits areas, with LMIA's insurance experience will create a team positioned to offer greater value and a wider range of products and services."
Rod VanTol, founding partner of VML and the president of LMIA, said the partnership is a perfect fit. "We're delighted to join forces with the number one credit union in West Michigan," VanTol said.